Binance Coin continues to outperform as most altcoins are recording drops.
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Binance is the best performer among top cryptocurrencies over the past 24 hours, seven days, and thirty days.
It has overtaken Tron to become the ninth largest cryptocurrency by market cap and is also close to overtaking Stellar Lumens which is currently ranked eighth.
The appreciation recorded this week brought BNB above a key weekly level at $10.68
In price action last week, the price rose above this level, but sellers quickly brought the price back below.
Price looks highly likely to close above the level this time, and the level may now come into play as strong support if the price drops back down.
The increase has also resulted in Binance forming a new high.
The former high was surpassed, but sellers have since brought the price back below the point of the former high.
A Doji candle is currently forming on the daily. A Doji candle is a candle where the open and the close are around the same point and typically reflects uncertainty from traders.
A bearish divergence is also forming on the daily indicating that we may see a trend reversal in the near-term.
A bearish divergence is a trend reversal pattern that takes place when the price goes on to form higher highs and the RSI forms lower highs.
This indicates price is continuing to increase despite buying pressure falling.
The fact that altcoins are trading downwards while BNB continues to increase may be one of the key factors in why a bearish divergence is forming, putting downward market pressure on BNB.
On the shorter term timeframe, we can see that the price is trading at the point of its former high.
It is likely currently meeting some resistance at this point after a brief drop brought the price back below this point.
Other altcoins have been recording considerable drops.
The leading altcoin by market cap, Ethereum, has dropped 2.45% over the past 24 hours based on data from Messari.
Price had been meeting seller liquidity at $140 several times since the drop which took place on Sunday.
After failing to overcome this resistance point, we are now seeing a drop towards support at $127.
Price briefly crashed towards this support level earlier in the week but quickly recovered.
- BNB continues to outperform despite drops taking place in altcoins.
- The price of BNB is highly likely to close above an important weekly level at $10.68. However, it may see some drops in the near-term with a bearish divergence forming on the daily and also a Doji candle forming.
- After finding seller liquidity numerous times at $140, Ethereum is now dropping towards support at $127.