The Binance Coin Price rose to an all-time high of $53.6 as sentiment in the digital currency market remained strong. The BNB price is trading at $52.4, which is 718% above the March 2020 low of $6.40.
What happened:. We have seen strong demand for cryptocurrencies in the past 24 hours as traders remain convinced about the industry. The hopes of a new stimulus deal in the United States has also contributed. The theory is that more stimulus will lead to more inflows into the crypto industry.
Indeed, the volume of Binance Coin being traded has increased to an all-time high of $1.4 billion in the past 24 hours. Also, the increasing interest of crypto by leading figures has helped boost momentum. Overnight, Elon Musk helped push Dogecoin up by more than 50% after he called it the “people’s coin.”
The Binance Coin price is also rising a day after the company launched its rival to PayPal. The product is known as Binance Pay and is currently in beta. It helps people send and receive money in a similar way to PayPal.
Binance Coin price technical outlook
Looking at the daily chart, we see that the Binance Coin has been in a strong upward trend and is now at its all-time high. Its market cap has jumped to more than $8 billion, making it the eighth biggest coin in the world. As a result, the price is above all the moving averages while oscillators have extended to the overbought levels.
Notably, the pair seems to be forming a bullish flag pattern. Therefore, while a pullback is possible, the overall trend is bullish, meaning that the coin could soar to $60 in the near term. A drop below $40 will invalidate this trend.
BNB Price Chart