The Binance coin is looking strong once again, as it kept making new highs until yesterday, while the rest of the crypto market has been retreating down in the last few days. The price climbed to $518 yesterday, which means it more than doubled in value from the bottom, after the crash in May.
That’s more than BITCOIN‘s 70% increase from below $30,000, and even before the trend turned bullish, Binance coin was showing signs of strength. BNB/USD was making higher lows during the bearish period from May until July, when most of the crypto market was still sliding lower, without any signs of fighting back.
Binance coin had a really great run during the first several months of this year, increasing nearly 20-fold. That strong momentum seems to have resumed again for Binance coin, despite the Binance exchange being under attack by the banking establishment, which is being fuelled by governments.
Yesterday, we heard the UK’s Financial Conduct Authority say that it was “not capable” of supervising the operations of Binance Holdings Ltd. in Britain. This means that the authorities will probably crack down on the cryptocurrency exchange, despite a large number of forex brokers who have even more issues than Binance.
But, Binance coin is not minding these comments much anymore, as it remains one of the most bullish cryptocurrencies in recent weeks. Smaller moving averages, such as the 50 SMA (yellow) and the 20 SMA (gray), have been pushing the price higher, showing that the buying pressure is strong.
Yesterday we saw BNB/USD make a new post-crash high, although later in the day, the price retreated lower, as the crypto market retreated as well. But, the retreat seems to be over now, and the price is climbing above the 20 SMA again on the H4 chart. So, the bullish momentum continues for Binance coin, and we will try to get in on the long side and buy Binance, which you can follow on our forex signals page.