- Binance Coin saw a rather impressive performance in early 2020.
- Following the mid-March price drop, the coin quickly recovered to a resistance at $18.
- The resistance held it back for months, and now, BNB finally broke it in another strong surge.
Binance Coin (BNB) price has just made a huge breakthrough, finally breaching a resistance level that has been holding it back for months. The resistance in question posed as a major barrier ever since the mid-March crash. However, now that BNB has breached it, it might continue going up to its YTD high, or even higher.
Binance Coin spirals down after massive surge
On January 1st of this year, the BNB price sat at $13, but only on for a short while. In little more than two weeks, the coin already reached a major resistance level at $18, which managed to contain it for another two weeks, until the end of the month.
However, come February, Binance Coin’s price skyrocketed all the way up to $26.46, which represented a major comeback to its old heights. It was still not even near its ATH, but this kind of performance was very impressive.
Of course, such a sharp surge was followed by an equally strong correction. BNB may have even performed better if not for the fact that its surge and drop were part of a market-wide trend.
As it were, the coin dropped back to $18, but this time, this level acted as a support — one that would have held if not for the mid-March crash.
BNB after the price drop
Following the price drop, BNB found itself rather low, with the price of $8,40. Fortunately, it did not stay there for long, and those who decided to buy BNB in mid-March saw a major recovery in months that followed.
Unfortunately, the former resistance at $18 was once again its largest obstacle. While BNB reached it quickly, in only around a month and a half, this level never allowed it to venture further up.
BNB did try to breach it, but its price was always rejected — until now. The barrier was breached on July 23rd, and now, BNB is approaching its next level at $20, with a promise to go further up if it breaks this barrier, as well.
Conclusion
BNB made a major breakthrough by breaching a resistance at $18 that held it back for months. Now, it has a new roadblock on the way — one whose breaking could let the coin skyrocket further up.
