Key takeaways
BNB has set a brand new all-time excessive of $1,110 after rallying by greater than 5% on Thursday.
The coin might proceed its rally in direction of the $1,500 psychological stage.
BNB tops $1,100 as rally continues
BNB, the native coin of the Binance ecosystem, has hit a brand new all-time excessive after including greater than 5% to its worth. The rally allowed BNB to hit the $1,100 mark for the primary time in its historical past.
The coin’s constructive efficiency comes as Bitcoin and different main cryptocurrencies recorded glorious positive aspects. Bitcoin hit the $121k mark for the primary time since August, whereas Ether has breached the $4,500 resistance stage.
BNB’s sturdy efficiency in current months comes as Binance continues to ascertain itself because the main cryptocurrency alternate on this planet. The alternate processes roughly $20 billion in day by day buying and selling quantity, 400% greater than its nearest competitor, Bybit.
BNB might prolong rally to $1,500 as bullish run continues
The BNB/USD 4-hour chart is bullish and environment friendly, because the coin has added 15% to its worth within the final seven days. The momentum indicators are extraordinarily bullish, indicating that consumers are presently in management.
The RSI of 71 implies that BNB might enter the overbought area if the bullish pattern persists. The MACD strains are additionally throughout the constructive territory, suggesting a powerful bullish bias.
At press time, BNB is buying and selling at $1,087 per coin. If the pattern continues, BNB might rally in direction of a brand new all-time excessive of $1,150. An prolonged bullish run would permit it to hit the $1,200 mark for the primary time in its historical past.
Nevertheless, if BNB undergoes a correction following its current rally, it might drop beneath $1k and retest the help and TLQ stage at $967. The bulls will defend this help zone, as failure to take action might see BNB dip decrease in direction of $930.
