The cryptocurrency market has continued a slow recovery after a poor start to the week.
The broader cryptocurrency market may end the week on a positive note thanks to its latest performance. The total crypto market cap has grown by less than 1% and is currently above $1.8 trillion.
Bitcoin is closing in on the psychological level of $40k despite a less than 1% increase in its value over the past 24 hours. Ether is up almost 2% to date and is set to hit the $3,000 mark soon.
BNB, the native token of the Binance ecosystem, has been the best performer among the top 10 cryptocurrencies by market cap over the past 24 hours. The coin has increased its value by over 4% over the past few hours, outperforming other major coins and tokens in the process.
The rally is excited by the news that Coinbase Lists Binance USD (BUSD) stablecoin. Coinbase is a major cryptocurrency exchange and one of the major competitors of Binance.
Therefore, the news of Coinbase listing Binance stablecoin acted as a catalyst to push BNB higher.
prime level to watch
BNB/USD 4-hours chart is still bearish as BNB has been underperforming in recent days. However, technical indicators suggest that BNB is recovering from its recent downturn.
As of press time, BNB is trading at $404.90 per coin. The MACD line is still below the neutral zone, but the recent trajectory suggests that it may soon enter positive territory. The 14-day RSI of 57 shows that BNB is no longer in oversold territory.
If the rally continues, BNB could rally above the first major resistance at $423 before the end of the day. However, the $435 resistance point should extend further downside in the near term.
On the other hand, if the bears take control of the market, BNB may be forced to defend its key support level at $394.