The cryptocurrency market has been witnessing strong bullish momentum over the past couple of days. As the price of Bitcoin[1] hits an all-time high, other altcoins in the market have been seeing a peak in price too. At the time of writing, BTC was trading at $57360 with a 24-hour trading volume of $60.4 billion.
Source: CoinStats
Binance Coin [BNB] has been one such altcoin market that has not only hit an all-time high but its market capitalization has also surged carrying it to the third position in the CoinMarketCap crypto list.
Binance Coin [BNB]
Source: BNBUSD[2] on TradingView
The above chart of Binance Coin[3] indicated that the digital asset was currently being traded at $296.97, close to its peak at $368. Over the past couple of days, the value of altcoin had been increasing tremendously. It surpassed the resistances visible in the market and ultimately hit a peak.
However, the value has retraced and has been moving sideways since.
This retracement can be visible through the Stochastic RSI which had remained in the overbought zone until BNB hit its peak. Once the price dropped, the digital asset dropped under 70, indicating the sellers in the market were increasing.
Similarly, the MACD indicator which was still bullish was about to witness a trend change. The MACD line remained above the signal line noting the extreme bullishness in the market, but as the sell-off increased the asset was heading towards a minor correction.
Tron [TRX]
