Price Analysis

Binance Coin Consolidates Just Above its 52 Week Low Price Mark

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Yesterday’s price plunge seems to be recovered for Binance Coin as it has reached where it was the day before yesterday. The currency went as low as $8.46 yesterday, and from there, BNB price has managed to surge above $10.

Meanwhile, Bitcoin has traded above $5000 today, and yesterday’s lowest price of BTC was $4,575.36. It seems the whole crypto market is very slowly gearing up for market recovery.

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BNB/USD Price Chart

Binance Coin News
BNB/USD Chart By TradingView

BNB Coin, along with the market, has witnessed a lot of volatility on the downside over the last week. On March 12, the currency opened above $16 to sharply drop with a decline of 53.60%. Here, the coin tested support levels at $7.66 with a strong bearish bias.

An immediate rebound of the Binance Coin price took place on the same day, and it reached above $10 before closing. Since then, the currency has remained above $9 till it again plunged yesterday. Yesterday’s price drop took the BNB coin as low as $8.92, and now it has started to consolidate above $10.

Technical Indicators

Bollinger Bands of the coin have shrunken, noting a lack of volatility right now. Also, the MACD lines are soon to enter the bearish zone with its signal line on the downside. Also, the RSI of Binance Coin is at 53, showing no extremities.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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