After extending recent gains, bnb rose to its highest point in two months during today’s trading session. The move comes following tweets from Binance CEO Changpeng Zhao, confirming a new partnership with Swiss watchmaker Franck Muller. Ethereum classic, on the other hand, was lower for a second straight session.
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.
The move came following the announcement of a new partnership with Swiss luxury watchmaker Franck Muller.
Binance CEO Changpeng Zhao confirmed the news, tweeting, “Franck Muller accepts BNB payment for their watches”.
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.
The move saw BNB climb above its resistance level at $300, on its way to hitting its highest point since June 6.
Following this high, momentum has now eased, as bulls likely liquidated their earlier positions at this level, which has historically been a point of uncertainty.
In addition to this, BNB appears to have entered overbought territory, with the 14-day relative strength index (RSI) currently tracking at a four-month high of 69.77.
Ethereum Classic (ETC)
On the other hand, ethereum classic (ETC) was down for a second straight day, as prices continue to drop following a recent high.
Since hitting a peak of $45.40 on July 29, which was its highest point since April, ETC/USD traded in the red for five of the last seven sessions.
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.
Since hitting this bottom, prices have slightly increased, with the token trading at $36.14, as of writing.
This appears to be due to the 14-day RSI moving above a floor of its own at 65, and it is currently tracking close to 67.
Should we continue to see price strength increase, ETC bulls will likely attempt to take the token towards a ceiling of $38.90.
Register your email here to get weekly price analysis updates sent to your inbox:
Will we see ethereum classic climb to as high as $40 this week? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Iryna Budanova / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.