2020-8-16 14:55 |
Binance Coin (BNB) is once again moving towards its strongest resistance at $24. The coin only reached this level twice this year, and now, it is attempting to break it for the third time. If it succeeds and manages to turn it into a support, it might be able to keep going up. However, a lot depends on what might happen in the next few hours.
BNB price’s struggle with $24 markBinance Coin price first reached this level in early February, during a major market-wide rally. Back then, it did not only reach $24 — it managed to breach it and surge as high up as to $26.5.
However, immediately after hitting this level, its price saw a strong correction that took it below $24. The coin did make one more attempt to breach the resistance before the bulls withdrew, and the price started sinking quite strongly.
The drop forced it to break multiple supports, and it lasted until early March. Just when it seemed that BNB will start rising seriously again, the mid-March price crash sent it even deeper down, all the way to $9.
A second attempt results in failureBNB started recovery pretty quickly after that, however, and about a month and a half later, it doubled its price, reaching $18.
However, this level proved to be an extremely strong resistance as well — one that BNB has been trying to breach for months. It first reached it around May 1st, but it didn’t breach it until July 23rd.
After doing so, however, its way was clear, and it kept going up until it hit $24 for the second time. That was only 10 days ago, on August 6th. However, the level proved to be as strong as it was in February, and despite the fact that people were buying BNB and giving it momentum, the price as still rejected.
Following a slight drop to $21, BNB bounced back, and is now once again heading for $24, currently sitting at $23.47.
ConclusionBNB saw strong price performance in early 2020, as well as in late July/early August. Its biggest obstacle right now is a resistance at $24, which kept rejecting its price earlier this year. Now, BNB is trying to breach it again, hopefully with more success.
The post Binance Coin to challenge its strongest resistance yet again appeared first on Invezz.
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