Binance Coin (BNB) has grown by more than 7% in the last 24 hours and continues to outperform the major Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) crypts.
Binance Coin is trading higher and could test prices around $30.00 in the next sessions.
Meanwhile, most of the larger cryptomaps by market capitalization are showing signs of weakness at crucial price levels. The BTC/USD currency pair, for example, has broken below $10,700, the ETH/USD pair is battling around $350, and XRP/USD is stable around $0.244.
The picture is the same in a large part of the cryptomorph market. Green trading assets include OmiseGo Network (OMG), ABBC Coin (ABBC) and Binance Coin (BNB).
Binance Coin is looking to sustain an uptrend that has seen bulls rise above $28.00 after their last high ended with a drop to lows of $21.30 from the 2020 peak around $33.50
CAKE and SPARTA binance list
The sentiment of growth around the Bitcoin Method had been growing in recent weeks, before the widespread selling pressure ended the buyers‘ efforts.
However, while the downward pressure caused the price of the BNB to fall to lows of $21.3, the bulls managed to pull back and see it come back above $27.00. In the last 24 hours, the BNB/USD currency pair has jumped 7.74% to suggest that a $30.00 ceiling attack is more likely.
The positive side comes from Binance’s announcement of two new DeFi projects in its Innovation Zone.
„Binance will list PancakeSwap (CAKE) and Spartan Protocol (SPARTA) in the Innovation Zone and will open negotiations for CAKE/BNB, CAKE/BUSD and SPARTA/BNB commercial peers in 2020/09/29 8:00 AM (UTC) . Users can now start depositing CAKE and SPARTA in preparation for the deal,“ noted the exchange in a blog post published on 29 September.
BNB/USD price outlook
On the 4-hour chart, BNB has printed a succession of higher highs and lows since 24 September.
The RSI is crossing overbought territory and a bearish divergence formation may suggest a short-term reversal. If this happens, bulls are supported at 100 MA at $26.59 and 50 MA at $24.96.
The outlook on the daily chart suggests a bullish scenario. As can be seen on the chart below, the MACD is just getting bullish while the price is currently well supported above the MME of 20 and 50 MA. If the MACD cuts higher, the chances of a prolonged bullish increase and the BNB/USD may revise resistance around the previous annual highs (which were around $33.00).
On the other hand, if a bearish breakout occurred, the bulls could defend the gains at the previous weekly lows of around $24.00-$21.00.
The BNB/USD currency pair is trading around $28.57 at the time of this publication.