The cryptocurrency market’s resurgence mid-week has instilled a sense of belief that the bull was here to stay. Altcoin climbs held their own against Bitcoin’s 20 percent weekly gain. Binance’s cryptocurrency, BNB, had a stellar hike with an 8 percent daily gain allowing it to stay up in the fourth position.
At the time of writing, Binance Coin was trading for $385.95 with a daily trading volume of $2.17 billion. The cryptocurrency’s $59.53 billion market cap was approximately $4 billion more than its nearest competitor, Cardano. BNB’s stellar growth was representative of the vertical climbs enjoyed by the rest of the market.
BNB 1 hour:
Binance Coin has seen a steady increase in price since the start of this month. With the immediate support holding below the $330 mark, Binance Coin was slowly but surely building on it.
BNB’s Chaikin Money Flow indicator ticked upwards unveiling a new set of investments into the Binance Market. The cryptocurrency’s RSI stayed above the oversold threshold despite crashing in the wee hours of Wednesday.
The chart also showed BNB’s prowess through the Parabolic SAR. The PSAR markers have stayed below the candles for the longest stretch for the month of August.
BNB 1 day:
The long-term charts indicated a bullish with multiple batches of green candles. The long-term support remained unwavering at $230 with all 3 indicators siding with the bull.
The mix of positive market sentiment and elevated prices has helped in the revival of the BNB market. This sentiment had reached a 30 day low on June 21 after which the coin saw tremendous growth.
BNB’s PSAR stayed below the graph for the 19th consecutive price candle. This matched the bullish nature the cryptocurrency was beading towards. The CMF’s upward run capped a mid-week run that could set off a surge before the weekend.