BNB Rallies to 5-Month High on Monday – Market Updates Bitcoin News

As cryptocurrency prices continue to rise, Binance coin rose on Monday to its five-month highest. This token reached its highest level since May, continuing recent gains. Avalanche was also in the green, climbing to a six-week high during today’s session.

Binance Coin (BNB).

The Binance coin (BNB), which rose to a 5-month high in the first week of this week, was boosted by cryptocurrency markets on Monday.

BNB/USD traded higher at $336.52 just before noon today. That’s less than a day since it was trading at a lower level of $307.37.

Monday’s rise in price sees the token hit its highest point since May 9, when the coin was trading at $359.

BNB/USD – Daily Chart

BNB’s bull run has been extended, and prices have moved higher for the fourth day in a row.

The native Binance token has risen as high as $100 since the hacks that were made on it.

The 14-day relative weakness index (RSI), has risen into overbought territory. It is currently tracking at its best point since April 2011.

Avalanche (AVAX)

Another notable mover in today’s session was avalanche (AVAX), which rebounded following a volatile weekend.

Following yesterday’s low of $17.96, AVAX/USD was able to climb to a high of $19.71 on Monday.

Today’s move came as the token moved above its recent resistance of $18.50, hitting its highest point since mid-September in the process.

AVAX/USD – Daily Chart

The chart shows the RSI AVAX at 68.49. That is just a little under the maximum of 70.00.

This point is the most significant for the index since early August. It will be the largest obstacle to the token’s further rises.

To move beyond $20.00 bulls need to ensure the RSI does not reach this wall.

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Could we see avalanche hit $20.00 ahead of Wednesday’s FOMC meeting? Please share your views with us in the comments.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has previously been a broker director and an educator in retail trading. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

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