Cryptocurrency Market Slowly Recovers After a Rough Start to the Week
The broader cryptocurrency market appears to be finishing the week on a positive note following recent gains. Total crypto market capitalization has risen by just under 1% and now sits above $1.8 trillion.
Bitcoin is holding near the psychological $40,000 level, having gained less than 1% over the past 24 hours. Ether has climbed roughly 2% so far today and looks poised to approach the $3,000 mark soon.
BNB, the native token of the Binance ecosystem, has been the best-performing top-10 cryptocurrency by market value over the past 24 hours. The coin has gained over 4% in recent hours, outpacing several major coins and tokens.
The recent price surge was supported by news that Coinbase listed Binance USD (BUSD). Coinbase is a leading cryptocurrency exchange and a prominent competitor to Binance.
The announcement that Coinbase listed Binance’s stablecoin acted as a catalyst for BNB’s upward move.
Key Levels to Watch
The 4-hour chart for BNB/USD has remained bearish following recent underperformance by BNB. That said, technical indicators suggest BNB is recovering from its latest pullback.
BNB is currently trading around $404.90 per coin. The MACD line remains below the neutral zone, but recent trajectory indicates it could cross into positive territory soon. The 14-day RSI at 57 shows BNB is no longer in oversold territory.
If the rally continues, BNB may break the first major resistance at $423 before the end of the day. However, resistance near $435 could limit further upside in the short term.
Conversely, if bears regain control of the market, BNB may be forced to defend the primary support level at $394.