Binance Coin (BNB) is up nearly 1,900% since the March low – market cycles

Binance Coin (BNB) has risen significantly since March 2020 and has continued to hit new all-time highs at $ 200 on Feb. 18, 2021.

Binance Coin is currently in third market cycle. This cycle has seen unprecedented growth in BNB.

During this period, BNB has exploded, up almost 1,900% from its March 2020 low below $ 10.

The first cycle of Binance Coin

BNB’s first market cycle started as low as $ 0.5 on November 17, 2017. It was followed by a 4,936 percent gain in just 67 days. This number culminated with a high of $ 25.18, reached on January 12, 2017. This level remains the all-time high for BNB until April 2019.

After reaching the highest level, BNB is down 84% in 329 days. This is a major correction, but it is more gradual than the previous up move.

BNB descends until it reaches as low as $ 4.12 on December 7, 2018. After that, BNB begins its second cycle.

Daily BNB / USDT chart

Second cycle

The second cycle is much slower than the first.

BNB rose 861% over a period of 197 days, peaking at an all-time high of $ 39.59 on June 22, 2019. This all-time high remained until December. year 2020.

Interestingly, when BNB broke out of its previous all-time high, it dropped significantly before regaining losses.

Unlike the up move, the next correction is almost identical to the first one. BNB decreased 84% over 265 days in this correction.

After hitting a low of $ 6.30 on March 13, 2020 – very close to the previous low of $ 4.12 – BNB begins its third and current market cycle.

Daily BNB / USDT Chart

Third cycle

The third market cycle started with the aforementioned March 13 low and is still ongoing.

So far, BNB has gained 1,885% since then without experiencing a significant pullback.

After it crossed the previous all-time high, BNB returned to confirm it as double support and has risen ever since.

On February 18, 2021, BNB climbed to a new all-time high of $ 200 before falling slightly. This caused BNB to increase more than 300% in February alone. Considering there are no higher resistance levels to clear, BNB is enjoying a period of parabolic price discovery.

Daily BNB / USDT chart