- 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
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.
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.