The exchange token has gone up by more than 15% since the start of the week. With the recent surge in the crypto market, the third most valued coin is not left out as it hit a high that it hasn’t attained in over five months.
Binance coin have been in a league of its own with its slow but consistent hikes in price. A few minutes to the time of writing, BNB hit and surpassed $600 (a height not attained since May).
A report on Cryptocurrencies to Watch stated that MACD is still bullish following the positive cross. The fastest line as of this time is picking up momentum with no sign of dipping. We may see the BNB/USD pair hit $600 this week if the current market remains the same through the week.
The mentioned site also showed that the third largest coin peaked at $623 after the flipping of the highlighted mark. The gap between BNB and USDT (the fourth largest coin) has increased as the exchange project market cap exceeded $100 billion.
We may see more surges as On Balance Volume (OBV) hints at a greater influx of funds to the market. It is important to note that the current feat of the coin has also caused a surge in the Relative Strength Index (RSI), resulting in BNB becoming overbought.
BNB being overbought will result in the third largest coin retracing. The Moving Average Convergence Divergence (MACD) is still bullish – hinting at more price action. Will the current uptrend be overextended? Let’s see
The $600 mark has become a short term support that may not hold for long but traders actions over the past hour suggest that the bulls will defend the mark. The $500 support is also waxing stronger with the latest milestone the BNB/USD pair attained. The next resistance Binance coin will look to flip is the $650.