Analysts are starting to take notice of the recent outperformance of Binance Coin in relation to other top cryptocurrencies.
— Josh Olszewicz (@CarpeNoctom) March 1, 2019
Data from Messari shows the price of Binance increasing 81.9% over the past 30 days resulting in the native token for Binance exchange overtaking Tron for the ninth position today.
Binance has been on a clear uptrend compared to other cryptocurrencies and is likely to continue to overtake other cryptocurrencies ranked in the top ten.
Today’s price action has resulted in BNB overcoming a key resistance level on the weekly chart.
The last time price overcame this point, it formed a double top pattern and dropped back below.
Momentum is strong with the buyers on this occasion with both the daily RSI and MACD increasing and this may provide sufficient momentum for the price to overcome its former high.
If price can overcome and close above its former high, this would be a bullish market structure and increase the likelihood that the market cap of Binance can continue to surpass that of other cryptocurrencies.
We are seeing a small reversal in the near-term after a bearish divergence formed between the price and the hourly RSI.
A bearish divergence is where the price goes on to form higher highs despite the RSI forming lower highs.
This shows price continuing to increase despite falling buyer momentum and is a typical trend reversal pattern.
The market leader Bitcoin continues to consolidate. The past two candles closed as Doji candles and today’s candle is also forming as a small-bodied candle.
A Doji candle is a candle where the open and the close are around the same point and indicates uncertainty from traders.
The bearish drop on Sunday has resulted in a lower low forming, but traders seem to be unwilling to let the price drop below support at $3724.
A brief drop below on Wednesday quickly recovered.
There is also resistance at $3902, and price quickly dropped back from this point as it approached yesterday.
The hourly chart shows the uncertainty of traders in further detail.
Any drop or rise from where price is currently consolidating quickly returned to the area of consolidation.
Price has been consolidating under an hourly resistance level at $3831.
- Analysts take notice of BNB as it continues to outperform.
- BNB surpasses Tron to become the ninth largest cryptocurrency by market cap.
- BNB rises above weekly resistance level and approaches former high.
- Bitcoin continues to consolidate with traders hugely uncertain.
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