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. Following tweets by Changpeng Zhao from Binance, the CEO of Binance, this move confirms a new partnership between Swiss watchmaker Franck Muller. For the second consecutive session, Ethereum Classic was down.

Binance Coin (BNB).

BNB, the native token of the Binance ecosystem, was one of today’s biggest movers, as it rose to its highest level in two months.

This was in response to Franck Muller, a Swiss luxury watchmaker.

Binance CEO Changpeng Zhao confirmed the news, tweeting, “Franck Muller accepts BNB payment for their watches”.

Biggest Movers: BNB Hits 2-Month High, ETC Extends Recent Declines
BNB/USD – Daily Chart

As a result of this, BNB/USD rose to an intraday peak of $307.76 in today’s session, less than 24 hours after trading at a low of $290.32.

BNB rose above the $300 resistance mark in this move, and reached its highest point since June 6.

The momentum is now easing following this high as bulls may have liquidated earlier positions at the level which was traditionally a point for uncertainty.

BNB seems to have moved into overbought territory. BNB’s 14-day relative weakness index (RSI), is currently at a peak of 69.77.

Ethereum (ETC).

However, ETC (ethereum classical) fell for the second consecutive day as prices continued to fall after a recent high.

ETC/USD has traded in the red since July 29th, when it reached a high of $45.40. This was the highest level since April.

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.

Biggest Movers: BNB Hits 2-Month High, ETC Extends Recent Declines
ETC/USD – Daily Chart

The prices of tokens have risen slightly since the low point, trading currently at $36.14 as of writing.

The 14-day RSI is now tracking at 67.

If we see continued price strength, ETC bulls may attempt to push the token toward a $38.90 ceiling.

Get weekly price analysis emails sent straight to your inbox by registering your email

Were we going to see the ethereum standard climb as high at $40 this week or not? We’d love to hear your comments.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has worked in various capacities, including as a retail trading teacher, brokerage director, and market commentator for Crypto, Stocks, and FX.

Images – Pixabay. Wiki Commons. Iryna Budanova

DisclaimerThis information is provided for educational purposes only. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.

Get more Crypto News at CFX Magazine