Key takeaways
- BNB has set a new all-time high of $1,110 after rallying by more than 5% on Thursday.
- The coin could continue its rally towards the $1,500 psychological level.
BNB tops $1,100 as rally continues
BNB, the native coin of the Binance ecosystem, has hit a new all-time high after adding more than 5% to its value. The rally allowed BNB to hit the $1,100 mark for the first time in its history.
The coin’s positive performance comes as Bitcoin and other major cryptocurrencies recorded excellent gains. Bitcoin hit the $121k mark for the first time since August, while Ether has breached the $4,500 resistance level.
BNB’s strong performance in recent months comes as Binance continues to establish itself as the leading cryptocurrency exchange in the world. The exchange processes roughly $20 billion in daily trading volume, 400% higher than its nearest competitor, Bybit.
BNB could extend rally to $1,500 as bullish run continues
The BNB/USD 4-hour chart is bullish and efficient, as the coin has added 15% to its value in the last seven days. The momentum indicators are extremely bullish, indicating that buyers are currently in control.
The RSI of 71 means that BNB could enter the overbought region if the bullish trend persists. The MACD lines are also within the positive territory, suggesting a strong bullish bias.
At press time, BNB is trading at $1,087 per coin. If the trend continues, BNB could rally towards a new all-time high of $1,150. An extended bullish run would allow it to hit the $1,200 mark for the first time in its history.
However, if BNB undergoes a correction following its recent rally, it could drop below $1k and retest the support and TLQ level at $967. The bulls will defend this support zone, as failure to do so could see BNB dip lower towards $930.
