Binance coin (BNB) price sees the bulls playing a risky game, according to analyst Filip L.. For him, the bulls have a big task to keep the BNB price at current levels.
It highlights that the bulls need to rest for a while as it will be difficult for them to sustain this bullish trend without a pullback. So he suggests that the bulls should give the bears a chance to get in the game so that a drop below $300 is a possibility.
“Then, with renewed breathing, the bulls can start a new upward movement, which could be much larger than the one that occurred in January,” he said.
Filip L claims that the price of Binance Coin reached $323.80 recently and that wouldn’t tell us much if not for the fact that this level has been key since last June.
“Looking at the current $10+ fade, it is clear that the bears have not disappeared, they are just standing back and waiting for the right moment to strike,” he said.
As such, it indicates that BNB, therefore, may be in danger of being stalled soon as the bears will have the $323.80 mark ready to explode sell-side bids at this level.
“The bulls will be stuck for a bit, and the bears can only gain strength, as at the same time the RSI has returned to the overbought level. This means that new traders and bulls will want to wait before jumping into the price action as the trend potential The upside is limited, which could lead to another sell-off towards $280 with the 200-day simple moving average (SMA) as a life support level,” he analyzed.
Furthermore, he claims that a closer look at current market trends and conditions shows that the markets are dumping quite a bit on the US dollar.
“Until Monday night, stocks were clearly the tailwind of cryptocurrencies. When US stocks rallied, seconds after that, my alerts were ringing for the top three cryptocurrencies in the market. If stocks can repeat this rally, it could be enough to break BNB Above $323.80 and reaching $336.50.