Binance Coin [BNB] has rallied significantly this year and has solidified its position as the third-largest crypto-asset by market cap even surpassing the world’s largest stablecoin Tether [USDT]. Despite taking a mild breather, the native token of Binance was still up 15%. BNB also noted an increase in volatility as the collective crypto market cap surged all the way tp $2 trillion for the first time since May.
Thanks to the strong recovery, several coins were now marching toward crucial psychological levels.
Over the past day, Binance Coin [BNB] noted a minor decline of 1.33% and was being traded at a price of $382.27. With a market cap of $64.27 billion at the time of writing, the crypto-asset registered a 24-hour trading volume of $2.52 billion.
Binance Coin [BNB] Daily Price Chart:
Following the latest uptrend, the daily moving averages slid below the BNB price candles, the 100 DMA [Blue] being the latest one to join the trend. In the meantime, the upward sloping 50 DMA [Pink] was gearing up for a golden cross with the 200 DMA [Yellow]. If this transpires, the digital asset may strike some crucial target levels to rally towards its recently established highs.
The volume, on the other hand, has been quite low and can impede its growth trajectory.
The Chaikin Money Flow [CMF] has surged above the zero line depicting a bullish trend and an inflow of capital to the coin market. The green bars of the Awesome Oscillator [AO] also flipped positive indicating a strong bullish momentum in the coin market. A similar sentiment was seen in RSI which rallied above 60 after three months. It was currently flirting with the overbought territory which evidenced an intense buying pressure in the coin market.
If Binance Coin [BNB] clears the $431 overhead level, there is not much resistance to $602, and $676 levels. The support points, on the other hand, were found to be at $367, $333, and $315 respectively.