Several altcoins led the bull charge on the 1st of October with market caps surging on the charts. Binance Coin [BNB] emerged as one of the best performers of the day that saw spectacular growth in both the daily and weekly timeframes. The weekend seems to have brought along some good tidings for the crypto-verse as multiple coins witnessed double-digit gains.
At the time of writing, BNB was valued at $411.8 while its market cap climbed to $69.35 billion. The cryptocurrency climbed by 10.6 percent over the last 24-hours which was enough to push the daily trading volume over the $1.9 billion mark. As October officially dawned upon the cryptocurrency market, enthusiasts expected a change in fortunes.
Binance Coin 1-hour:
The hourly spectrum saw BNB register strong green candles on Friday. Binance’s cryptocurrency enjoyed a consecutive green red save for one red candle in between. According to the readings, BNB’s immediate support was clocked at $325.06.
Bolinger bands: The Bollinger bands diverged from one another as the cloud size increased. This was a sign of an impending buy-in run for Binance Coin.
Relative Strength Index: BNB’s RSI stayed above the overbought threshold as the cryptocurrency enjoyed one of its strongest runs in weeks. The indicator was evidence that more users were buying into the Binance Coin ecosystem.
MACD: The MACD line and the signal line moved upwards after crossing over. Even the histogram displayed strong bullish momentum.
Binance Coin 1-day:
BNB’s daily performance was more stagnant compared to its hourly counterpart. The daily price resistance fell to $265 after the bear run at the start of May.
Relative Strength Index: After Friday’s resurgence, the indicator shot up to the moon. The new influx of investors is expected to benefit the cryptocurrency’s long term price hold.
MACD indicator: After a slow September, the MACD line and signal line converged on October 1. The histogram in turn was in the midst of recovery after seeing red for the entirety of September.
Bollinger bands: Both the bands moved parallel to each other after the green candle lifted the price action out of its lull.