- BNB is currently trading around $868.
- Trading volume has surged by over 36%.
A 2.52% spike in the broader crypto market has triggered a green wave, lifting prices across multiple assets. Whereas the Fear and Greed Index is holding at 30, sentiment remains stuck in the fear zone. Aligning with the upswing, the majority of the assets are gaining momentum, including Bitcoin (BTC) and Ethereum (ETH), trading on the upside.
Meanwhile, BNB, the native token of the Binance ecosystem, has likely secured a spot among the top trending coins of the day. The asset has registered a gain in value of over 3.21%. Before the bulls gained traction, it traded at a bottom level of $841.03, and later, the BNB price mounted to a high range of $869.40.
At the time of writing, BNB trades at around the $868 zone, with its market cap resting at $119.23 billion. Besides, the asset’s daily trading volume has surged by over 36.87% reaching the $2.1 billion mark. The Coinglass data has reported that the BNB market has experienced a liquidation of $884.41K in the last 24 hours.
Will BNB Break Resistance and Push Toward New Peaks?
The recent trading pattern of BNB shows that the green candles are lit up, with the price climbing to the resistance at around $870.91.Further upside pressure might trigger the emergence of the golden cross, sending the price to its subsequent resistance above $872.65.
Upon assuming a reversal of the asset’s current momentum, the BNB price could slip to the $866.33 support level. With the bears gaining more strength, the downside correction may initiate the formation of the death cross. Gradually, the price would move to a low below $864.12.
BNB’s Moving Average Convergence Divergence (MACD) line is settled above the signal line, which points to bullish momentum. Also, the upward pressure may continue to build. In addition, the Chaikin Money Flow (CMF) indicator at 0.16 hints at positive money flow into the asset. The buying pressure is outweighing the selling pressure, showing a mild to moderate bullish strength.
Moreover, the daily Relative Strength Index (RSI) positioned at 70.29 indicates strong bullish sentiment. The asset is entering an overbought zone, reflecting strength, but a pullback or consolidation could occur. BNB’s Bull Bear Power (BBP) reading of 30.46 suggests sturdy bullish dominance. The bulls are clearly in control, with the buying exceeding the selling by a wide margin.
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Source: https://thenewscrypto.com/rally-charging-ahead-or-hitting-a-wall-bnb-bulls-face-a-key-test/
