Green was the brightest shining light in the spectrum of the crypto-verse. XRP, Stellar, Binance Coin, Bitcoin Cash along with several other coins were seen assisting the price surge of the crypto market. On one hand, XRP was stealing the show with a whopping 39.91% rise over the last 24-hours. Bitcoin on the other hand was getting close to $19K. Binance’s native cryptocurrency BNB also seemed to be aiding the uptrend by surging by 9.31% over the last 24-hours. The price of BNB was noted at $33.65 with its market cap at $4.96 billion. Over the last week, the coin garnered profits of up to 20%.
BinanceCoin [BNB] One hour price chart
A broadening top pattern was formed in BNB’s one hour price chart. The upper trend line was constituted by higher highs $33.87 and $35.26, the lower trend line was constituted by higher lows at $30.31 as well as $31.74. The aforementioned pattern is bullish as the direction of the breakout in this pattern is usually upwards.
The daily moving average indicator was in sync with the pattern that was formed as it revealed that BNB was getting cozy with the bulls The 50 daily moving average [Blue] was seen above the 100 daily moving average [Yellow]. When this crossover occurs, the market is usually in support of the bulls.
BinanceCoin [BNB] With key indicators
The Bollinger Bands indicator revealed that the BNB market was scheduled for a drastic change in price. The bands were seen wide apart which further indicated that there was an increase in volatility. The MACD indicator recently underwent a bullish crossover as the signal line slumped below the MACD line. The Stochastic Relative Strength Index [Stoch RSI] suggested that the BNB market was in a rather neutral zone with its marker heading below 50 median.
Thanks to the ongoing bull run, recently, BNB pushed past its major resistance levels at $29.60 and $31.