The 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.
He highlights that the bulls need to rest for a while as it will be difficult for them to maintain this uptrend without a pullback happening. Therefore he points out that the bulls must give the bears a chance to get in the game for a drop below $300 to be possible.
“After that, with renewed breath, the bulls can start a new upward movement that can be even much bigger than the one that has been taking place in January”, he said.
Filip L claims that Binance Coin price reached $323.80 recently and that wouldn’t tell us much if it weren’t for the fact that this level has been key since last June.
“Seeing the current $10+ fade, it is clear that the bears are not gone, they are just standing back and waiting for the right moment to strike,” he said.
As such, he points out that BNB, therefore, may be in danger of stalling out soon as the bears will certainly have $323.80 marked and are ready to explode the sell-side offers at this level.
“The bulls will have gotten a little bit stuck, and the bears could only gain strength as, at the same time, the Relative Strength Index is back at the overbought level. This means that new investors and bulls will want to wait before jumping into the price action as the upside potential is limited, which could trigger another selloff to $280 with the 200-day Simple Moving Average (SMA) as the level. of life support”, he analysed.
Furthermore, he claims that a closer look at current market trends and conditions shows that markets are detoxing a bit from the US dollar.
“Even on Monday night, it was clear that equities are the tailwind for cryptocurrencies. When US stocks surged, seconds after that, my alerts were buzzing for the top three cryptocurrencies in the market. If stocks can repeat this rally, that could be enough for BNB to break above $323.80 and reach $336.50,” he said.