Key takeaways
- Binance’s BNB is the very best performer among the many high 10 cryptocurrencies by market cap, up practically 8% within the final 24 hours.
- The coin has hit a brand new all-time excessive of $857 and may very well be set to rally larger within the close to time period.
BNB trades above $850 as altcoins rally larger
The cryptocurrency market was bearish final week however has begun the brand new week in a bullish trend. Bitcoin hit the $119k mark after slipping beneath $116k on Friday, whereas Ether is approaching the $4k psychological mark.
Nonetheless, Binance’s BNB is the very best performer among the many high 10 cryptocurrencies by market cap. The coin added practically 8% to its worth within the final 24 hours to hit a brand new all-time excessive worth of $857 a couple of minutes in the past.
The optimistic efficiency comes as BNB continues to draw institutional curiosity because of Binance’s place because the main cryptocurrency alternate on this planet. BNB’s rally additionally signifies that altcoins are at the moment main the market cost.
Along with BNB, different main altcoins, together with Ether, XRP, Solana, Dogecoin, and Cardano, all added over 2% to their values within the final 24 hours.
BNB might lengthen rally to $900
BNB overtook Solana final week to turn out to be the fourth-largest cryptocurrency by market cap and appears set to increase its lead. With a market cap of $119 billion, BNB is sort of $40 billion away from third-place USDC.
The BNB/USD 4-hour chart is bullish and environment friendly, suggesting that BNB may very well be getting ready for an additional leg up. The technical indicators are additionally bullish as patrons are at the moment in management.
The RSI of 74 reveals that BNB may very well be heading into the overbought area if the bullish development continues. In the meantime, the MACD strains have been within the optimistic zone for weeks now, suggesting a bullish bias.
If the rally continues, BNB might surge in direction of the $900 mark and set a brand new all-time excessive within the course of. The $1k psychological stage stays the medium-term purpose for Binance’s native coin.
Nonetheless, BNB may expertise a correction following its latest rally. If that occurs, BNB might retest the help and TLQ stage at $841 over the subsequent few hours. An prolonged promoting strain would see BNB drop to the weekend low of $795.
