Binance Coin (BNB) has again proved its mettle in overcoming the continual bearish sentiment. However, the past one week has marked moderate bearishness in the price movement of BNB coin as it corrected down to $16.68 from a high of $18 in the past seven days.
BNB Struggles and Eyes Support at $16
BNB price has been mostly in the bear loop over the past one week though it did show upward swings at regular intervals. On the first day of the ongoing month, the price was spotted at $17.108, and it was trading with upside momentum. On the same day, it crossed its crucial resistance of $17.86 and touched $17.88. However, then, it started trading stably above $17 mark, and on May 03, the Binance Coin price shot up to $18.0055. At this high, the currency couldn’t manage for long and started trading downwards. The downside correction took the BNB price to a low of $16.2680 by a huge fall of 9.53% on May 4.
Further, Binance Coin managed to gather momentum and again breached its immediate resistance at $17.28 and touched $17.4328 on May 5. After that, the coin faced corrective pullback, and it again managed to touch a $17.28 mark on the next day. However, then, the BNB coin price faced moderate correction and reached $16.05, but at a press time, it marked a slight recovery and spotted at $16.68.
If the currency continued to trade upwards, it might test its next resistance around $17.86. The MACD indicator reflected bearish signals from yesterday, and at the time of penning down this analysis, it started improving. However, as per the overall weekly price trend and Binance Coin price forecast, the price of currency might reflect a bearish price movement in the upcoming hours and test the next support $16.
