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.
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.
The post BNB hits a new all-time high, targets $900; Check forecast appeared first on CoinJournal.
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