Binance Coin Rallied 151% Since March 13: Will BNB Continue?

The price of Binance Coin rallied 151% since the market crash on March 13, proving that BNB is one of the altcoins to watch out for. In this week’s altcoin news and rumors, we can see that BNB is getting good traction – but will its price push higher?

Ever since Binance Coin dropped to a 2020 low at $6.34 on March 13, the BNB news showed that the cryptocurrency has been on an absolute tear, gaining $151.48 to reach a 4-week high at $15.93. Unlike Chainlink (LINK), the recovery has been slow and steady for Binance’s native token as it flipped systematically between different resistance levels to support.

We could also notice a strong oversold bounce which saw many cryptocurrencies snatching back the majority of their March 13 losses, the official news that Binance exchange will host an IEO for Cartesi starting April 21 could be partially responsible for the most recent leg of the pump to $15.93.

Many Binance IEOs require investors to use the BNB coin to participate so this (along with the hype that is building up) could be definitely fuelling purchases and the price of this coin in the upcoming Binance Coin BNB news.

On the daily timeframe, we can see that Binance Coin rallied again and is now at $16.06 with a 1.50% gain today. The current progression took place on multiple days of strong buy volume. Currently, the relative strength index (RSI) for BNB is at 60, projecting higher into bullish territory – and the Chaikin Money Flow shows buyers remain interested in BNB.

The BNB price found resistance at the 61.8% Fibonacci retracement level (at $15.87) which is to be expected after such an impressive run – but there is also support at $15.33 where we can notice a high volume VPVR node.

Below this level, the support for Binance Coin (BNB) is at $15 and if we see a deeper pullback, traders will look to $14 which is a point that is aligned with the 50% Fibonacci retracement level. A drop below this level would also break through the rising wedge support – but the VPVR shows buying interest at $12.23.

Given that the 4-hour RSI is overbought and that Binance Coin rallied today as well, the MACD is at its highest level and a pullback is almost unlikely at this point. However, a correction in the short term is definitely something that could easily play out.