Binance Coin (BNB) Extends its Stay in the Top Three After Hitting New High

Binance coin (BNB) surged by 6% to record a new all-time high and extend its place among the big boys in the top five by crypto market cap ranking.

In the last seven days, BNB has increased by almost 43%. This is an indication of the price build-up that took place before the all-time high. The bulls started the rally to new highs two weeks ago, but an all-time high became imminent when these traders were able to sustain a bullish run through the week. At the time of writing, BNB had an all time high of $401.

After the Binance coin crossed $300 for the first time in February, traders took profit and it decreased in price. The next time BNB crossed $300 after February is the next month (March), and the same reaction was felt.

With crypto’s third-largest asset latest fit, it is easy to conclude what will happen. In previous times, BNB lingered more below its previous ATH. That will also happen this time but the Binance coin may start trading above it if another rally that will see the coin hit $450 takes place.

The current milestone sets BNB market cap at over $60 billion. With no clear contender for the cryptocurrency by market capitalization, it will continue to maintain the number three spot.

For the days ahead

For the bulls, the main priority will be to have the third-largest coin trade comfortably above the $400 mark. After testing the $400 resistance and flipping it, the buyers will continue to rally the market to test this resistance constantly. At the time of writing, the coin is trading at $394 which will only make harder for the bears.

More attention will be placed on $350 as the bears will place more pressure on that price mark and hope to break it. Once the $350 can’t hold and it gives way, the bears will have a go at $340 support.

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Author: Gideon Geoffrey

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Author: Gideon Geoffrey