Price Analysis

Binance Coin (BNB) Turns Bullish After Hitting 90-Day Low Around $6

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  • Binance Coin has been witnessing an overall bearish trend since the last year
  • After hitting a low at $6.4, BNB/USD registered strong recovery and crossed previous resistance $14
  • Currently, the coin persists the upside trendline, and hence, it may soon rise as high as $20 over the next few weeks

After dwindling for a major part of the last one year, Binance Coin has reflected decent progress recently. It currently trades over $16, and the trajectory is likely to grow a bit further.

Binance Coin Price Analysis

Binance Coin News
BNB/USD Chart By TradingView

BNB coin price was at its best on June 22, 2019, when it was at a high of $43.32. Since then, it has been rolling down fiercely, and by mid-October, the currency marked a tremendous fall of more than 65% and touched a low of $14.81. Though it took the recovery path for some weeks, it ended the year 2019 on a bearish note.

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However, the initial two months of 2020 were bullish for the Binance Coin, and it went on to touch $27.25 by February 12. The momentum was not a long-standing one, and it faced rejection above $27. Further, the BNB price trimmed to the lowest point of the ongoing year at $6.41 by March 13. Fortunately, after this immense fall, the currency started trading upwards, and today, it spotted at $16.47.

Binance Coin’s MACD indicator reflects a bullish signal as the MACD line overpowers the Signal line. As per the current upward momentum, the coin might persist the upside trendline and cross the key resistance $21 in the upcoming weeks.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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