coinjournal.net
Key takeaways
- Binance’s $BNB is the best performer among the top 10 cryptocurrencies by market cap, up nearly 8% in the last 24 hours.
- The coin has hit a new all-time high of $857 and could be set to rally higher in the near term.
$BNB trades above $850 as altcoins rally higher
The cryptocurrency market was bearish last week but has begun the new week in a bullish fashion. Bitcoin hit the $119k mark after slipping below $116k on Friday, while Ether is approaching the $4k psychological mark.
However, Binance’s $BNB is the best performer among the top 10 cryptocurrencies by market cap. The coin added nearly 8% to its value in the last 24 hours to hit a new all-time high price of $857 a few minutes ago.
The positive performance comes as $BNB continues to attract institutional interest thanks to Binance’s position as the leading cryptocurrency exchange in the world. $BNB’s rally also indicates that altcoins are currently leading the market charge.
In addition to $BNB, other leading altcoins, including Ether, XRP, Solana, Dogecoin, and Cardano, all added over 2% to their values in the last 24 hours.
$BNB could extend rally to $900
$BNB overtook Solana last week to become the fourth-largest cryptocurrency by market cap and looks set to extend its lead. With a market cap of $119 billion, $BNB is nearly $40 billion away from third-place USDC.
The $BNB/USD 4-hour chart is bullish and efficient, suggesting that $BNB could be preparing for another leg up. The technical indicators are also bullish as buyers are currently in control.
$BNB/USD 4H Chart">
The RSI of 74 shows that $BNB could be heading into the overbought region if the bullish trend continues. Meanwhile, the MACD lines have been in the positive zone for weeks now, suggesting a bullish bias.
If the rally continues, $BNB could surge towards the $900 mark and set a new all-time high in the process. The $1k psychological level remains the medium-term goal for Binance’s native coin.
However, $BNB might experience a correction following its recent rally. If that happens, $BNB could retest the support and TLQ level at $841 over the next few hours. An extended selling pressure would see $BNB drop to the weekend low of $795.