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BNB Cruises to New ATH After Breaking Out From the $630 Resistance

Binance coin Finally broke out from its previous horizontal trend to register a new all-time hiigh. Volume played a huge role

BNB Chain

BNB is raging and has registered a new all-time high. A few minutes before the time of writing, the coin peaked at $716 to attain the latest milestone.

The cryptocurrency started the buildup to the latest height on June 3. It started trading at $602 but briefly flipped the more than seven-day high at $630 and peaked at $637. The bulls continued the uptrend on the second day. It gained stability above the said mark and surged to a high of $688, closing with gains of almost 10%.

BNB climbed above its previous ATH on June 5 for the first time in three years.

While the thrill of the surge continues, the fourth-largest cryptocurrency also crossed $100 billion market cap. Nonetheless, it is worth noting that trading volume played a huge role in the latest milestone. Its trading volume increased by over 83% in the last 24 hours

A new token recently launched on BSC, the $WHY token, gained traction and spurred a buying frenzy. Five wallets withdrew 779 BNB ($534k) from Binance to buy 14.92T of the asset, worth $1.3M. All five wallets carried out the purchase following the milestone.

BNB Price Chart

BNB’s thrill may be coming to an end, as indicated by the relative Strength Index. The metric surged from 64 to 77 during the previous intraday session as the trend intensified. Currently at 77, the asset is overbought and due for correction.

The current day’s candle suggest that the retracement is at hand as the cryptocurrency appears to be struggling to advance from its most recent ATH. It is exchanging at $698, more than 2% from the milestone.

The latest trend also reflects the accumulation/distribution channel. According to this metric, BNB is expected to trade parallel following price action during the previous intraday session. The latest assertion is due to dropping inadequate buying volume to support the push.

Nonetheless, the moving average convergence divergence continues its ascent as histogram bar increases. The 12-day EMA is showing no signs of slowing down.

Gideon Geoffery