The cryptocurrency market is continuing a slow recovery after a weak start to the week.
The wider crypto market could finish the week in positive territory based on recent performance. Total crypto market capitalization has risen by just under 1% and now sits above $1.8 trillion.
Bitcoin is approaching the psychological $40,000 mark, although it has gained less than 1% in the past 24 hours. Ether is up roughly 2% today and appears poised to challenge the $3,000 level soon.
BNB, the native token of the Binance ecosystem, was the best performer among the top 10 cryptocurrencies by market capitalization over the last 24 hours. The coin has risen more than 4% in recent hours, outpacing other major coins and tokens.
This move was driven by the news that Coinbase has listed Binance USD (BUSD). Coinbase is a leading crypto exchange and one of Binance’s main competitors.
As a result, Coinbase’s decision to list Binance’s stablecoin acted as a catalyst, helping push BNB higher.
Key levels to watch
The 4-hour BNB/USD chart still shows a bearish bias after BNB’s weaker performance in recent days. However, technical indicators suggest BNB is recovering from its recent decline.
At the time of writing, BNB traded at $404.90 per coin. The MACD line remains below the neutral zone, but its recent trajectory indicates it may cross into positive territory soon. The 14-day RSI at 57 shows BNB has moved out of oversold conditions.
If the rally continues, BNB could push past the first major resistance level at $423 before the day ends. A higher resistance point near $435 could limit further upside in the short term.
Conversely, if bears regain control, BNB might be forced to defend its primary support level at $394.