The crypto industry has been exerting extreme volatility. Cardano [ADA], Binance coin [BNB], Bitcoin [BTC], Litecoin [LTC] were among the few coins that were drowning in the red sea. Cardano [ADA], despite gaining profits throughout the week, was seen dropping by 11.89% in the last 24-hours. Nevertheless, the asset managed to retain itself above $1. The global market cap was noted at $1.79 trillion with BTC accounting for about $1.09 trillion.
Binance coin managed to turn heads with both its price as well as its market cap. The asset endured quite a journey from $65 to $265. BNB even zoomed up the crypto ladder and currently stands as the third-largest cryptocurrency. During press time, BNB’s market cap was noted at $41.09 billion. At the time of writing, BNB was trading for $265.71 with a 3.35% drop in its price over the last 24-hours.
Binance Coin [BNB] One-Hour Price Chart
The downtrend that BNB was enduring could be changed, alerted the bulls in its market. The Parabolic SAR indicator formed a bullish pattern below the candlesticks. This line could act as a great form of support as it might retain BNB over $250 for quite a while. The Awesome Oscillator indicator, after an array of red bars, had finally rolled out green closing bars. The bullish sentiment in the altcoin’s short-term price chart could act as a stairway to $280.
The Relative Strength Index announced a buyers’ sentiment as the marker was over 50 median.
Binance Coin [BNB] One-Day Price Chart
A bearish momentum was seen in the one-day price chart of BNB. The Bollinger Bands were converging during this time. This could further be beneficial for the asset considering the limited volatility BNB would be dealing with amidst the bearish market. The MACD line remained below the signal line since the beginning of the month. The MACD indicator with a bearish crossover affirmed that BNB could encounter a downfall.
The Money Flow Index indicator revealed that the altcoin was close to being overbought.