The arrival of the bear set a new precedent for the cryptocurrency market as prices fluctuated constantly. In the midst of dwindling prices, one altcoin outperforming its compatriots was Binance’s own altcoin, BNB. The third-placed cryptocurrency sought its vindication by cementing its increased market cap over 4th ranked Cardano.
At press time, Binance Coin was trading for $459 holding a market cap of $77.5 billion. The boost could be attributed to the cryptocurrency’s hold on its investor market. Binance Coin grew by 17 percent over the past day, making it one of the biggest winners in the top 20 cryptocurrency club. Even the daily trading volume shot up to $5.62 billion as a wave of new investors joined the BNB market.
BNB’s hourly gains were evident on the charts as the price climbed vertically from the immediate support at $360.4. After crossing the $400 threshold, the cryptocurrency faced a price slump. The community had no reason to panic as the recovery was almost instantaneous.
Parabolic SAR: A majority of the markers stayed below the price candles after an active 48 hours. This shift in momentum was seen as a new step in BNB’s growth.
Relative Strength Index: The graph spiked towards the overbought threshold as more users bought into the BNB market.
Chaikin Money Flow: The hold above the zero line meant that the capital coming into the market had overtaken the outflow, despite the flux.
Binance Coin 1 day:
Long-term performance was indicative of a bullish atmosphere akin to the ramp-up in April. The daily support clocked at $330 after the formation of consecutive green candles.
Relative Strength Index: The pattern was similar to its hourly action as the number of BNB HODLers increased. If more users amp up the buying pressure, the graph is expected to break the threshold.
Chaikin Money Flow: As the buying pressure increased, so did the capital influx.
Parabolic SAR: Since the end of September, only two markers have failed to stay below the price candles. The strong bullish momentum played a massive role in establishing BNB in the podium positions.