Feb 02, 2021
As the altcoin market is making history, BNB, an Ethereum-based (ERC-20) token, which can be used to pay fees on the Binance exchange, has also gained momentum. Binance Coin (BNB) set a new record at $ 50.60, surpassing the previous all-time high of $ 47.2187. After reaching the $ 47 level in the previous ATH, BNB dropped until support was found at $ 38 on January 21 and then began to recover from that level.
Finally, on February 1, BNB surpassed its all-time high, first reaching $ 49 and then $ 50. The coin, which has gained more than 10% in the past 24 hours, has risen to $ 52.39 at the time of writing.
Binance CEO and founder Changpeng “CZ” Zhao added in his tweet that the token price is not the only indicator for Binance, which has reached an absolute high today. Here is the celebratory tweet made by the CEO.
“ATH on a few different matrices.”
Meanwhile, Binance Coin has become the best performing exchange token as it has gained more than 28% in value since January 1, 2021. Binance Coin (BNB), which increased 28% in 2021, is followed by Huobi Token (HT). BNB’s closest competitors, Huobi Token (HT) and Unus Sed Leo (LEO), respectively rose 26.1% and 0.4%. OKEx’s cryptocurrency, OKCoin (OKB), fell 37.5% last month, with the latest investigation and pausing of withdrawals.
Rising by more than 25% in the past seven days, the BNB coin topped the top 20 top-earning altcoins. According to remarks from a CoinTelegraph analysis, the long wick on today’s candlestick indicates a profit booking close to psychological resistance of $ 50. If the price cannot move above $ 50 and further, the BNB/USD pair could consolidate in a narrow range for a few days.
Even if the RSI rises to a level close to overbought positions, it is still signaling bullish momentum. For the time being, $ 51 and $ 52 are the key resistance, and $ 48 is the main support level.
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