Binance coin (BNB) continues to be overbought while trying to hit $150

Binance coin transpired to become one of the most promising asset during this bull run. Will the altcoin prolong this trend or take a break?
binance coin
Image credit: Morning Tick
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Binance coin [BNB] seemed to be joining the list of this year’s most profitable assets. The altcoin sprung up from a mere $50 to a high of $140 in no time. While several believe that this trend was nothing but a bubble in the making that was soon bound to pop, BNB suggested otherwise by providing comfortable accommodation for the bulls.

As Bitcoin was seen zooming towards $60K, all the other coins were seen mirroring a similar trend. BNB jumped on the bandwagon as it was seen racing towards $150. At the time of writing, BNB was trading at $140.81, retracing from its all-time high of $148.07. The coin achieved a 7.64% surge in the last 24-hours as it remained the seventh-largest coin. The market cap of Changpeng Zhao’s coin was noted at $14.8 billion.

Binance coin one-hour price chart

binance coin
Source – TradingView

The one-hour price chart was seen heading for a change in its trend. The Parabolic SAR indicator had succumbed below the candlesticks, acting as a barrier for any potential drop in the price of BNB. The volume in the short-term chart of the asset had remained moderate throughout the day with a sudden spike. The Awesome Oscillator indicator also hinted at the presence of bulls by laying out green closing bars.

The Relative Strength Index indicator was strongly implying that the asset was being overbought as the RSI marker was close to 80 median.

Binance coin one-day price chart

binance coin
Source – TradingView

The one-day price chart of the altcoin said nothing different. The Bollinger Bands affirmed that BNB was in for a surge in volatility. The MACD indicator further confirmed that this was a positive thing by forming a bullish crossover. The MACD line and signal line were seen wide apart and have been so since the start of this month. The asset heading for a bearish crossover is doubtful.

The Money Flow Index was also all the way at the 80 median indicating the asset was being overbought.

Both the long-term and short-term price charts of the altcoin were inclining towards the bulls which further suggested that BNB could soon be eyeing $150.

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