Binance Coin [BNB] Gracefully Glides Over $500

The crypto market was painted in different colors. Shiba Inu [SHIB] and Binance Coin [BNB] were particularly glistening in green. Bitcoin [BTC] was clearly taking a breather as it remained stuck at $61K. The altcoins were trying to take over but certain coins were sluggishly moving on to the bullish zone.

Over the last couple of days, Ethereum [ETH] has been making immense news. The asset’s jump towards its latest all-time high left the entire crypto community in awe. While it tries to move on to the $5K zone, the bulls were trying to bring in all the luck to the altcoin.

The meme coins were leading the bull run. Both, Shiba Inu as well as Dogecoin were amassing significant gains.

Binance Coin [BNB] was the star of today’s market. The altcoin took charge and pushed itself over the $500 zone. At the time of writing, Binance Coin was trading for $523 with a 5.33% surge in the last 24-hours. The previous few days have unquestionably been beneficial for the coin as it bagged profits up to 9%.

While the overall market cap of the crypto-verse resides at $2.64 trillion, Binance Coin, the third-largest cryptocurrency, accounted for about $87 billion.

Binance Coin [BNB] one-hour price chart

Despite its move over $500, the bears were seen dancing all over the short-term price chart of BNB. The Awesome Oscillator indicator laid out numerous sturdy red bars and closed the trend with a bearish read bar. This bearish notion was further mirrored by the MACD indicator. As the signal line took over the MACD line, the chances of BNB to surge were shattered.

These signs could dement the possibility of an uptrend. However, since the above chart depicted Binance Coin’s short-term, a long-term hike could be possible.

The Relative Strength Index [RSI] indicator announced that the altcoin was being excessively purchased by the buyers in its market.