BNBUSD
Binance Coin (BNB) has surged in the last 24 hours, climbing past the $666 price level. This comes as a golden cross emerged on the asset’s price chart. The development extends BNB’s weekly gain by 4.9% and the monthly uptick by 12.81%.
Market recovery adds to Binance Coin’s bullish momentum
As per CoinMarketCap data, Binance Coin is exchanging hands at $668.24, which represents a 2.5% increase in the last 24 hours. The asset’s trading volume also looks strong as it jumped by 18.18% to $1.91 billion within the same time frame.
Notably, a golden cross emerges when a short-term moving average crosses above a long-term moving average. Market participants consider this technical signal a bullish indicator, especially when supported by strong trading volume.
Binance Coin’s volume has shown a huge boost, hence, the BNB price soared from a daily low of $646.49 to hit a peak of $668.30 on the crypto market.
The asset’s bullish performance coincides with a broader market 2.34% gain as crypto assets witness a break from the bearish pressure triggered by geopolitical tensions in the Middle East.
If BNB is able to hold the current momentum and stabilize above the $650 price level amid strong volume, a breakout is possible. The coin could retest the $688-$718 zone.