Binance Coin, the native currency of Binance exchange, is back to trading above $20 for the last few days of the past month until the time of writing. Binance has grown from a mere cryptocurrency exchange to an entire crypto ecosystem.
BNB coin was seen trading laterally after the major breakout in March 2020 when it tested supports well below $10. However, over the past three weeks, BNB coin has been trading persistently over $20 and has notably reclaimed a 5-month height.
Binance Coin Price Analysis
Binance Coin, at the time of penning down this analysis, was trading at $22.79 with a notable uptrend on an 8-hourly chart against the US Dollar. The coin has amazingly grown by 150% in 5 months from the bottom of trading around $9 to spiking above $23 in the ongoing month.
Moreover, the exchange and Binance platform is commendable and has been gaining a massive number of networkers due to their constant attempts to upgrade and security. In this regard, the Binance Coin is holding a bullish intraday divergence. The 20-day Bollinger Bands do not exhibit any trading extremities of an unprecedented volatile breakout, but the bearish candlewick of BNB/USD price trend draws a bearish crossover on the MACD chart.
The RSI of the BNB coin is at 50.57 due to no steep rise or dips so far, and the major support and resistance to watch out for lies at $18 and $25, respectively.