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Binance Coin Price Analysis: BNB Grows Over 50% in the Last Month

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Binance Coin Price Analysis
Binance Coin Price Analysis

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Binance Coin (BNB) has seen a large surge in the past several days, which acted as a continuation of the growth that the coin has been experiencing since December 2018. Thanks to the return of the Binance Launchpad, as well as several successful ICOs held on it, investors were more than willing to buy Binance Coin.

With the new opportunity to buy cryptocurrency, especially one coming from a trusted source, Binance Coin has also seen a lot of usage, with its trading volume currently exceeding $227.64 million. Meanwhile, its surging price allowed the coin to increase the size of its market cap as well, as well as to climb up on the list of largest cryptos. At the time of writing, Binance has a market cap of $2.13 billion, which puts it at the 7th spot on the list of largest coins.

Binance’s price doubled in the last month

Currently, the crypto market is experiencing another rally, which has allowed many coins to grow and experience significant price recoveries. Binance Coin price itself grew to $15.41 at the time of writing.

The coin has been growing, with minor setbacks, ever since mid-December, when it reached its lowest point in the last 12 months, at around $4.50. Its growth was not particularly sharp, as it can be seen on this 3-month chart.

Binance Price Analysis March 7 (1)
Source: CoinMarketCap

However, the coin managed to breach the $5 resistance successfully, and throughout several months, it kept growing with more and more enthusiasm.

2019 ended with BNB being only slightly above $6 mark, with $5 still acting as its largest support. The coin kept relative stability, fluctuating between $6 and $7.50 until February 5th, when it managed to breach this resistance level. Its next goal was to breach the next resistance at $10. After attempting to do it around February 11th, and failing, BNB experienced a slight correction, although the minor support at $8 held it from sinking too deep.

The coin was very strong at this point due to Binance Launchpad’s ICO on January 28th, when many sought to buy BNB so that they could invest in BitTorrent (BTT). After a successful BTT token sale, Binance announced another one on February 25th, when Fetch. AI (FET) was to be sold. This inspired many to start purchasing BNB in large quantities in mid-February, which also worked well with a bull run that happened around that time.

As a result, BNB price started growing on February 18th, and it breached the $10 mark, even going as high up to reach $11.05. The coin managed to stay between $10 and $11 for about a week, when the bears returned, forcing it to drop slightly below $10, which once again became a resistance level.

However, this was only for a short while, and BNB entered its real surge around February 28th, when it breached the resistance level at $10, as well as the one at $12 several days later. The surge continued, and BNB got caught up in another rally that started a few days ago, which allowed it to surge even higher.

Binance Price Analysis March 7 (2)
Source: CoinMarketCap

Yesterday, March 6th, saw BNB breaching another resistance at $14, and today, the coin went even further up, hitting the $15 mark. The coin felt a small correction after that, although the $15 mark, which currently acts as a support, managed to hold. In the following days, BNB will likely continue to grow for as long as the bull run continues. When the rally ends, the coin is expected to experience a slight correction, although it will probably continue to grow after that, albeit at a slower pace.

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