BNB Recovers by 11% as Moving Averages Indicate Good Buy

The recent market crash seems to be slowing down, with several tokens gaining tremendously in recent days. Binance coin has not been left behind in the bullish rally, and it is now showing signs of recovery.

BNB’s price predicament did not just start with the May market meltdown. Mid last month, the Binance exchange was under investigation by the Commodity Futures and Trading Commission for facilitating illegal trading activities on the platform. The case is raising market concerns over whether BNB will follow the trend of XRP, whose value sharply declined after a case was filed by the SEC against Ripple Inc.

Prior to the case filing, the exchange had hired Brian Brooks, a former executive at Coinbase and a former acting comptroller of the currency, as the new CEO. The move was a proactive one, to help in the newly opened probe against the exchange. However Brook’s appointment only grew interest in BNB for a short while before it was overshadowed by the market meltdown and the bombshell allegations in the case.

Binance Price Analysis

In the past 24 hours, BNB has retained good trading levels and has gained by around 11%. At the time of writing, the token was trading at $421, an impressive record since the recent crash.

(Source: Trading view)

Looking at the chart above, it is clear that the token is trading at a price above a resistance level of $387. The new price shows that the token has not only risen past the support levels but has also broken out of resistance, which shows it is a great buy.

BNB’s all-time high price was around $641 on May 2, which means that the token still has a long way to go before breaking the record again.

How to Buy BNB

Now that BNB is trading at a great price, and all factors signal towards buying, it is best to know the steps involved in the process. To buy the token, the most important thing is to open an account with an exchange that supports BNB. The exchange that support the token include:

eToro

eToro is a recommended exchange because it is highly reputable and offers various tokens to trade from. The best thing about eToro is that it is supported on both mobile and web platforms.

eToro offers copy trading services that allow even the newest traders to increase their chances of making profits. The feature allows the traders to copy the trading strategies and insights from reputable traders.

BNB coin is one of the leading cryptocurrencies, and the current price movements of the token show that it is a great buy.

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