Binance Coin is on its way back to YTD high

Binance Coin is on its way back to YTD high
Written by:
Ali Raza
4th August, 13:41
  • BNB saw a strong recovery after it crashed in March, alongside the rest of the crypto market.
  • After the crash, the coin grew up to $18, which acted as a large resistance for months.
  • In a recent rally, BNB surged up to $22, closing in on its YTD high.

Binance Coin (BNB) price has seen an impressive performance in the early days of 2020, at least until the mid-March price crash. After the drop in March, the coin started a slow recovery that ran into a long period of stagnation, only to continue in recent days.

BNB recovery

On March 12th, BNB started a drop that took it to the deepest lows in 2020. The coin went from its peak at $26 to its bottom at $9.5 in only a month. However, it kept pushing up almost immediately, and only three short weeks later, it reached what was to become its largest resistance.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

BNB reached $18 on May 1st, and for the next two and a half months, it battled this level with occasional price rejections.

For the most part, the coin saw this level as its ceiling, while $16 acted as a major support. Even so, BNB was known to drop below this support level from time to time, while it never went beyond $18.

This finally started to change in mid-July, after its biggest price rejection since the March crash. The coin dropped as far down as to $15.3 before it started participating in a strong rally that took it up to $18.82.

This move was followed by another small correction, which quickly turned into another rally. This time, the rally was led by Bitcoin, and as BTC went up to breach $10k, $11k, and even briefly touch $12k — BNB surged up to $18, $19, and finally $20.

The surge caused investors to hurry and buy BNB, which helped the coin keep its momentum and reach even larger levels, which is where it can be found right now.

At the time of writing, BNB sits at $22, slightly lower than its recent peak at $22.21. The coin lost 0.16% in a correction that started only hours ago.

Conclusion

BNB saw a strong recovery after its recent price crash. While it is still some distance away from its YTD high, it recently showed that it has the strength to keep pushing forward, and act as an excellent investment opportunity.

Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.