Binance Coin [BNB] had exhibited an excellent performance over the last couple of days. The altcoin encountered gains of about 116% in the last seven days. This push helped the coin move past $100. But, will the coin continue its stay above the $100 zone, or is it heading for a crash?
The overall market cap of the crypto-verse kept soaring without a stop. Currently, the market cap of the crypto industry was at $1.42 trillion. Bitcoin with a market cap of $876 billion was accounting for most of it.
Binance coin [BNB] assuredly did aid this course but was seen slumping during press time. The total market cap was at $19 billion. It falls from $21 billion did not significantly impact the altcoin as it remained the seventh-largest cryptocurrency.
In terms of price, BNB slumped from a high of $148.07 to $125.10, at the time of writing. Additionally, the assest was seen recording a dainty change in the price of 0.57% in the last 24-hours.
Binance coin one-hour chart
The one-hour price chart of BNB revealed that the bulls were finding a way out from the altcoin’s market. The MACD line had fallen below the signal line which in turn caused a bearish crossover. This trend seemed to have prolonged. There was limited activity in the BNB market as the Relative Strength Index was in the 50 median.
Binance coin one-day chart
However, the one-day price chart of BNB announced that the asset could see some gains in the long run. The Parabolic SAR indicator formed a major line of support below the candlesticks. This further restricted the chances of a downtrend. The Awesome Oscillator indicator with green closing bars reported the presence of bulls in the BNB market. The Money Flow Index suggested that the altcoin was being overbought since the beginning of the month.
Amidst this change in BNB’s market, Gene Simmons, a prominent American band KISS had exerted his interest in the altcoin. He tweeted,
Not a recommendation, pro or con. But just FYI, I bought 300k of #BnB. Make of it what you will.
— Gene Simmons (@genesimmons) February 11, 2021
The CEO of Binance, Changpeng Zhao was immediately alerted and went on to retweet Simmons’ tweet. This isn’t the first time that the American musician has exhibited his inclination towards certain coins. Previously, he had endorsed other coins like DOGE, XRP, and an array of other cryptocurrencies.