Binance Coin’s, BNB price has surged close to its recently established ATH amid a market-wide rally. It has managed to secure its position as the third-largest cryptocurrency on the leaderboard and currently sits below Ethereum [ETH].
The weekend reset gave an opportunity for investors to buy the tokens at lower levels. Owing to this, several market participants accumulated on dips that drove BNB to notch weekly gains of more than 10% while its peer altcoins also attempted to push the price above the resistance points.
Currently, Binance Coin [BNB] was found to be teetering at $567.7 and was up by nearly 6% over the past day. The digital asset recorded a market cap of $87.28 billion and a 24-hour trading volume of $3.78 billion, at the time of writing.
Binance Coin [BNB] Daily Price Chart:
The candlestick arrangement formed a symmetrical triangle on the 24-hour chart of Binance Coin [BNB]. This is a continuation pattern which signified that the token could undergo a consolidation phase within the to sloping trendline before undergoing a breakout.
In line with this, the converging Bollinger Bands on the above chart pointed also towards a period of low volatility in the market. Meaning, there might not be any abrupt trends change in either direction in the near term.
The moving averages, 50 DMA [Pink] and 100 DMA [Purple] continued to form crucial support points for the asset’s price.
The Chaikin Money Flow [CMF] was above the zero line depicting a steady inflow of capital into the BNB market. The Klinger Oscillator was headed for a bullish crossover after treading on the negative side almost a week.
The RSI also noted an uptick near the 64-level and targeted the overbought region following the latest rise. This was indicative of a strong buying sentiment in the coin market.
The BNB bulls could now try to thrust the price above the resistance zones of $597, and $643. Support levels, on the other hand, were identified at $481, $381, and $259 respectively.