The new week opened to glorious green pastures as the cryptocurrency market revelled in price gains. As Bitcoin crossed the $50k mark, the rest of the altcoin market surged to register bullish spikes all over the digital asset industry. One of the biggest gainers in this scenario was Binance Coin [BNB], currently at rank 4 on the cryptocurrency charts.
At press time, BNB was trading for $504.5 with a market cap of $82.067 billion. A 10 percent daily increase had lifted the cryptocurrency’s trading volume to $2.68 billion. BNB’s market cap still trailed by more than $8 billion compared to its nearest competition, Cardano. ADA made news last week when the cryptocurrency pipped Binance to climb to the third position on the charts.
BNB 1 hr:
The immediate resistance was just under the $440 market after BNB closed at a new high on the 22nd. After stumbling last night, the cryptocurrency rallied to new price thresholds after registering 12 consecutive green candles.
BNB’s Chaikin Money Flow indicator spiled to 0.45 after hovering at the zero line for more than 24 hours. This meant that the capital coming into the Binance Coin market was miles ahead of the outflow. The RSI also picked the CMF after breaking through the overbought threshold. BNB fans have routinely stated that they trust the cryptocurrency and its use cases, thereby triggering a flux of new HODlers.
The Parabolic SAR markers continued to stay below the price candles as the bullish momentum increased. The advent of new technologies and updates also boosted the cryptocurrency’s performance on the charts.
BNB 1 day:
In the long run, Binance Coin has slowly but surely picked up in terms of price. After hitting ATH’s back in May, the cryptocurrency suffered a significant price lag. That sentiment seems to have flipped since the middle of July as the price consistently increased to settle at $487.92 today.
Binance Coin’s daily CMF and RSI picked its hourly counterparts. The CMF rallied upwards indicating a new push of investors while the RSI broke the long-term overbought threshold for the first time since the first week of May. BNB’s Parabolic SAR markers have stayed below the candles ever since the bear run was stunted. From that point forwards,the markers pointed to strong bullish momentum continuing up to the last week of August.