BNB Hits 2-Month High, ETC Extends Recent Declines – Market Updates Bitcoin News
After extending recent gains, bnb rose to its highest point in two months during today’s trading session. The move comes after tweets from Binance CEO Changpeng Zhao confirming a new partnership with Swiss watchmaker Franck Muller. Ethereum classic, on the other hand, was lower for a second session in a row.
Binance Coin (BNB)
BNB, the native token of the Binance ecosystem, was one of the biggest movers of the day as it surged to its highest level in two months.
The move came after the announcement of a new partnership with Swiss luxury watchmaker Franck Muller.
Binance CEO Changpeng Zhao confirmed the news, tweeting: “Franck Muller accepts BNB payment for their watches”.
As a result, BNB/USD rose to an intraday high of $307.76 in today’s session, less than 24 hours after trading at a low of $290.32.
The move sent BNB climbing above the $300 resistance level, on track to hit its highest point since June 6.
Following this high, momentum has now subsided as bulls likely liquidated their previous positions at this level, which has historically been a point of uncertainty.
In addition to this, BNB appears to have entered overbought territory, with the 14-day relative strength index (RSI) currently tracking at a four-month high of 69.77.
Ethereum Classic (ETC)
On the other hand, ethereum classic (ETC) was down for the second day in a row, as prices continue to fall after a recent peak.
Since hitting a high of $45.40 on July 29, which was its highest point since April, ETC/USD has traded in the red for five of the past seven sessions.
Today’s drop saw the cryptocurrency fall to an intraday low of $35.10, which is marginally higher than a current support level of $35.00.
Since hitting this bottom, prices have rallied slightly, with the token trading at $36.14, at the time of writing.
This appears to be due to the 14-day RSI moving above a floor of its own at 65, and it is currently tracking near 67.
Should we continue to see price strength increase, ETC bulls will likely attempt to take the token towards a ceiling of $38.90.
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Will we see ethereum classic rise to as high as $40 this week? Let us know your thoughts in the comments.
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