Binance coin [BNB] recovers from yesterday’s carnage and heads towards $300

The volatility wave had hit the crypto market yesterday and kicked an array of assets to the curb. Binance Coin [BNB], Cardano [ADA], Dogecoin [DOGE], Polkadot [DOT], among many other assets, were seen recovering from yesterday’s downfall.

Bitcoin [BTC] investors were left in a state of tyranny after the king coin dropped to a low of $29K. Just when speculations started pouring that the asset might even drop to a low of $20K, it managed to navigate its way back over $30K. At press time, BTC was trading for $31,416 with a 5.98% surge over the last 24-hours.

The cryptocurrency exchange, Binance, has been undergoing immense scrutiny from regulators across the globe. This did not influence the price of the exchange’s native asset, Binance Coin [BNB]. The altcoin did not lose much yesterday; however, it seemed to be bagging the required gains. During the time of writing, BNB was trading for $286 with a 9.61% rise in the last 24-hours.

Additionally, the market cap of the coin was at $48.07 billion. This gave the altcoin leverage over Cardano [ADA] as BNB took over as the fourth-largest cryptocurrency.

Binance coin [BNB] one-hour price chart

Binance Coin

The short-term price chart of the Binance coin noted the arrival of the bulls and the departure of the bears. The Parabolic SAR indicator was seen reversing the trend by slowly laying out dotted lines below the candlesticks. This further indicates bullish momentum. Similarly, the MACD line took over the signal line forming a bullish crossover after quite some time. The disparity between the MACD line and the signal line revealed that a bearish crossover wasn’t in the books for some time.

The Relative Strength Index noted that BNB was heading towards the overbought zone. The RSI marker was seen going from the oversold zone all the way to the overbought zone in just a day.

With the bears taking over the BNB market, the altcoin could glide towards $300 without any hassle.

News Source