The cryptocurrency market has continued its slow recovery following its poor start to the week.
The broader cryptocurrency market could end the week on a positive note, thanks to its latest performance. The total crypto market cap has increased by less than 1% and currently stands above $1.8 trillion.
Bitcoin is closing in on the $40k psychological level despite adding less than 1% to its value in the last 24 hours. Ether is up by roughly 2% so far today and looks set to reach the $3,000 mark soon.
BNB, the native token of the Binance ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap in the last 24 hours. The coin has added more than 4% to its value over the past few hours, outperforming the other major coins and tokens in the process.
The rally is fueled by the news that Coinbase has listed Binance USD (BUSD) stablecoin. Coinbase is a major cryptocurrency exchange and one of Binance’s leading competitors.
Hence, the news that Coinbase was listing Binance’s stablecoin served as the catalyst to push BNB higher.
Key levels to watch
The BNB/USD 4-hour chart is still bearish as BNB has been underperforming in recent days. However, the technical indicators show that BNB is recovering from its recent slump.
At press time, BNB is trading at $404.90 per coin. The MACD line is still below the neutral zone, but the recent trajectory shows it could cross into the positive territory soon. The 14-day RSI of 57 shows that BNB is no longer in the oversold region.
If the rally continues, BNB could rally past the first major resistance level at $423 before the end of the day. However, the resistance point at $435 should cap further upward movement in the short term.
On the flip side, if the bears regain control of the market, BNB could be forced to defend its major support level at $394.