May 20, 2019, | AtoZ Markets - According to the latest reports, Binance coin price continues its growth reaching $29.83 early today and creating a new all-time high before the bullish pressure started to fade away.
Binance coin price is growing strong
After being trading around $24.25 on May 7 BNB quickly dropped to $19.5 to hit its lowest price since mid-April. Such a significant drop could be tied to the crypto exchange Binance hack, which happened on the same date. Back then the exchange's official coin was barely trading at $6 at the start of the year. It is worth to mention, although, that with over 350% surge, BNB price hit the highest price since January 2018.
Over the last 24 hours, Binance coin price has increased at around 8% in total In the last 24 hours against the US Dollar Binance Coin price has continued to gain momentum above the $21 support level and increased to around $29.
The trading of BNB volume has managed to remain consistently high during May 2019 as the buyers continue their bullish momentum. Against Bitcoin, Binance coin price continued to rebound from the support of 0.00277 BTC which was provided by the 200-days EMA. BNB has reached the highest level today and rebounded to the significant resistance at the 0.004 BTC level.
The trading volume for BNB/BTC has also increased during May 2019. It seems that the coin price regains its position together with its backing crypto exchange.
Binance coin remains in the 7th place amongst the top cryptocurrency projects by market cap as it currently holds a $4.11 billion market cap.
Binance coin (BNBUSD) daily technical outlook
Binance Coin (BNB) has surpassed its previous all-time over the weekend, after a surge of around 20% on May 19 helped to take the asset from $22.74 to a new height of $29.85. At press time, the coin is trading at $27.74 with a market cap of $460 Million.
Looking at BNBUSD charts, we can see that the coin has already started to correct from its new high as short-term traders take profits. Also, over the last 24hrs, BNB has reported a 3.68% drop against the US dollar.
On the RSI, the indicator line has recently pointed a lower low after the coin corrected from the overbought region. Right now, it appears that the $30 mark will act as a strong resistance. The price seems to retest support at $25.7 mark in upcoming days.
If BNBUSD does not hold these levels, then daily support level could be breached easily and the price might test $23- $25 mark.
Please share your thoughts with us in the comment box below.