- Binance coin’s price has climbed above $12
- The coin has formed a support level at $11.13 where the rising trendline ends
- Moving averages are aiming to trace a bullish crossover; other technical indicators are still keeping traders in turmoil
After the market steeply fell on March 13, it was on March 20 when it saw a partial recovery in BNB price. After that, bears again entered the market, and a noticeable price plunge took place just two days ago.
All this while, Binance coin, which was above $19 in the first week of the month and was still rising, took a downward path in the next week amid Coronavirus spread. Before the next week ended, it sharply nosedived even below $8.
This pride drop was as great as 60%, and it seems such a huge loss will take time to recover fully. However, a weak rebound has been started as the BNB coin hit the support level at $7.61.
The price rebound faced hurdles on March 20, when it saw rejections at $13. The pullback took the price of Binance Coin as low as $11.08, and then it again resumed the surge.
At present, the BNB coin is testing resistance at $12.72, while SMA lines are looking to have a crossover on a bullish note. Moreover, the RSI indicator is in positive zone at 64, and the MACD indicator has just formed a bullish crossover.