Will Binance Coin (BNB) Make Its Way Out of the Bearish Volatility?
Binance Coin price had a sluggish start to the year with the price starting below the baseline, but then slowly and steadily, it started showing upward momentum and it continued till the end of June. At the beginning of July, BNB coin saw huge volatility along with the whole crypto market and the prices started to take a tumble. With the bear pressure still going strong, Binance Coin is trying hard to gain a foothold in the crypto market.
BNB Price Analysis
BNB coin price managed to pick up from its slow start at the year beginning and put up a good show till June. With the entry of bears in July, the pressure got too much to handle, and the coin went on a downward swing as seen from the YTD price movement. The price of Binance Coin was at a low of $5.9567. It then shot up to $24.6543 on April 19, the upswing being at a huge range of 315.24%. On May 09, the BNB price, however, had a slight fall at $18.7160. The bullish trend continued for the coin and it reached a high of $37.9752 on June 22. With the entry of the bears, the coin took a heavy beating and went down to the tune of 59.59% at $15.3456 on October 07. Then, the Binance Coin slightly took an upward trend at $21.3642 on November 15. Today the price of BNB coin is at $12.5777 fall at 41.09% indicating that the bears are still very much in control.
BNB coin had managed to perform well before the bear onslaught started in July and reversed the trend. Even now, the bears are in full control and exerting continual pressure on the coin. Though the trend is expected to be short-term for the coin, analysts are hopeful about a change in the fortune of the coin by early 2020.
Investors can cash in on the current downturn and invest for a long-term haul. Day traders could make a decent kill if they match their trading according to the volatility in the crypto market.