The crypto market was finally gaining some positive momentum. Changpeng Zhao’s Binance coin [BNB] was performing better than all the other assets. Dogecoin [DOGE], however, stole the show as it noted a 23% daily surge. Dogecoin’s latest price change was the result of the altcoin landing a spot on Coinbase. Nevertheless, the entire market sentiment seemed to be positive after quite a while.
Despite this Bitcoin [BTC] remained below $40K while its market cap recorded dainty improvement. Furthermore, the global crypto market cap, during press time, was at $1.67 trillion.
Binance coin [BNB] witnessed exponential growth this year. The altcoin went from a low of $65 to a high of $690. However, similar to all the other assets, BNB plummeted during the recent crypto crash. At the time of writing, BNB was trading for $382 with a 10% surge over the last 24-hours.
Additionally, the altcoin started hiking up the crypto mountain as its market cap surged to $58 billion. While BNB stood as the fourth-largest cryptocurrency, it wasn’t too far away from taking over Tether’s [USDT] spot.
Binance Coin [BNB] one-hour price chart
The short-term price chart of BNB revealed that the overall predilection in the market was changing. The Bollinger Bands indicator alerted a surge in volatility as the bands were diverging. The Chaikin Money Flow [CMF] indicator harbored the bull as the CMF marker was in the bullish arena. The potential rise in volatility could benefit the altcoin as the bulls were finally in the BNB market.
The Awesome Oscillator noted a similar notion as it laid out strong green closing bars, further announcing a bullish momentum.
The bullish trend in the BNB market had surely lured in more buyers as a strong buyers’ sentiment was seen on the short-term price chart of the altcoin. The Relative Strength Index [RSI] revealed that BNB was being overbought. The RSI marker was over the 70 median. The Money Flow Index indicator echoed this viewpoint.
Even though the bulls were in Binance Coin’s short-term market, this positive impulse in the market was refreshing for coin’s investors.