Binance Coin Retests Historical Price Level of May 2019, 2020 Price Level May Not Close Above $38.53

First and Foremost, Binance Coin has been in an uptrend after the breakdown in March. In January, the coin had an opening balance of $13.65. This amount rose to $27.51 in February.

In March, there was a general breakdown in the cryptocurrency market as BNB declined to $6.41 low. The bulls buy the dips to push the coin upward to reach a high of $19.15. From April, BNB resumed upside momentum as price rallied to $ 29. 

In December, the crypto is facing rejection as the coin retraces. The altcoin is falling as it retests the historical price level in 2019. In May 2019, the altcoin was in a price rally as it reached the peak price of $38.53 and thereafter declined. In December 2020, BNB reached the resistance zone of the same price level but was unable to break it. A breakout at this point will accelerate the price movement of the coin.

Key Resistance Zones: $23, $24, $25

Key Support Zones: $15, $14, $13 

Binance Coin monthly chart indicator reading

After testing the resistance zone, the price is retracing to the bullish trend line. A break below the trend line will mean a downward movement of prices. Last year BNB was on a downward move after rejection from the resistance zone. 

Binance Coin weekly chart indicator reading

A bullish trend line is drawn showing the support levels of price. In March, BNB plunged to the low of $6.50 and the bulls bought the dips to resume the upside momentum. The price bars are above the trend line indicating the upward movement of the coin.

Conclusion

Binance Coin’s price momentum in 2020 has been stable and consistent. The coin has been in upside momentum for nine months. Within the same period, BNB rose from $19 to $29. In 2021, this price action can be repeated. At the same time, the crypto will continue to maintain its market reputation and stability. Therefore, price prediction in 2021 is likely to be gradual, say from $32 to a high of $55.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.