After a stellar performance, Binance Coin [BNB] snapped an all-time high of $75.40 amassing weekly gains of over 55%. With this, the crypto-asset surpassed Litecoin [LTC] to capture the 7th-largest position by market cap.
The latest upsurge was accompanied by Bitcoin breaching $40k for the second time which followed several altcoins to trade at record levels.
Shortly after climbing north of its previous ceiling, Binance Coin [BNB] retraced its steps to the press time value of $68.45 but was still up by 5.32% over the last 24-hours. While the exchange token was sitting at a market cap of $10.67 billion, the rally also saw BNB’s 24-hour trading volume climb $1.92 billion, at the time of writing.
Binance Coin [BNB] Daily Chart:
Binance Coin’s [BNB] parabolic breakout induced a phase of high volatility. Despite undergoing correction, the exchange token has so far maintained to retain its bullish momentum.
This was evidenced by the rising gauge between the moving averages – 50 DMA [Pink] and 200 DMA [Purple] which settled well below the BNB price candles as they formed crucial support levels.
BNB buyers had driven the price upwards on the charts, and by the looks of it, the demand was still intact.
The MACD continued to remain on the positive side after undergoing a bullish crossover above zero as it dominated the signal line for more than two straight weeks.
The OBV indicator depicted a rising volume closely following the price action of the coin. The RSI, on the other hand, retreated from the overbought zone. However, it was still well above the 50-median line depicting a sentiment of considerable buying pressure among the investors in the BNB market.
The rising volatility in the above charts depicted a scenario of a potential extended bullish scenario over the next few trading sessions. Bulls will manage to score new highs upon breaching the overhead resistance of $72.
The support levels for Binance Coin were found to be at $51.07, $42.6 and $30.5 respectively.