Binance Coin’s (BNB) price had been suffering from a long dip as it found it difficult to even hit the $258 level.
However, the buyers finally grew the strength to take a step further and push the bears back. They launched their strong buying spree and it was able to form a stronger rally.
The situation became quite favorable for the investors as the trading price of BNB shot up. As the price climbed, it managed to hit the $258 level and was able to move over the level.
BNB Survived the H&S Pattern
For a while, Binance Coin was stuck within the H&S pattern. However, on September 7, BNB was able to move higher and it left the H&S pattern rising above its neckline.
However, the recent activity of the BNB price is an indication that the breakdown recorded was nothing but a trap set by the bears.
Bearish Price Action
The data shows that on September 8, the bears tried to stop the recovery of BNB. They set up obstacles at different levels to stall the recovery of BNB.
They continued stopping the trading price of BNB at $287 (20-day EMA). However, as the bears attempted their stall, the bulls knew exactly how to deal with their action.
The bulls literally joined hands and bulldozed through the selling and stalling being shown by the bears at the particular level. Due to the strong bullish sentiments, the price of BNB was able to push above the moving averages.
The same upward trend was recorded for BNB on September 9 as the bulls continued to prevail. The following day was also a good one for the bulls as the BNB price did not experience a dip but it did not record an upward movement as well.
Demise Came on September 11
On September 11, the bears found their lost strength and they built enough courage to pull BNB’s price lower. The bears were able to pull BNB’s price and on a particular day, they pulled BNB below $294 (50-day SMA).
Although the following day (September 12), witnessed the same pull the in intraday trading session witnessed a surge in BNB price. The value of BNB moved upward and it was due to the buying efforts of the bulls.
BNB’s Rise to $308
As of now, the RSI and the 20-day EMA, and the 50-day SMA for BNB are moving in the upward direction. If the trend continues and the bulls are able to keep up with the selling attempts of the bears, then the BNB price may hit and cross the $308 mark.