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Binance Coin BNB price recovers to $18 after bear

Binance Coin BNB price recovers to 18 after bear

Binance Coin BNB price is moving up the trend line as quickly as it fell down the line following the major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

The bear market is holding various altcoins down at the time of writing, including Litecoin (LTC), Bitcoin Cash (BCH), and Cardano (ADA).

Binance Coin bnb price chart -1day 16 october 2019Binance Coin BNB price chart by Trading View

Binance Coin price stood above the eighteen dollars ($18) mark for the better part of the day is now almost back the same mark. LTC price went into a short bearish struggle that pulled the price below seventeen and a half dollars ($17.41) mark; however, it is recovering well.

Binance Coin BNB price movement: What to expect?

The Binance Coin BNB price made up of the horizontal resistance level placed at over eighteen dollars ($18.30), although it is still selling at the fifty (50) day Simple Moving Average (SMA).

The BNB/USD trading pair can drop down to over sixteen dollars ($16.50), and this level may become support. The price may drop down to over fourteen dollars ($14.2555) if the support is broken.

Binance coin bnb price prediction - 16 october 2019

Binance Coin BNB price chart by Trading View

Or in another case, the bulls are expected to gain momentum, pushing the price to over the fifty (50) day Simple Moving Average (SMA). This will mean a change in the market trend for the trading pair if the trading pair recovers from the over sixteen dollars ($16.50) mark.

However, so far, the BNB price trend is showing healthy recovery and is likely to get back to the eighteen and a half dollars ($18.6) range soon.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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