Binance Coin, BNB, has had a big week.
It has entered the top ten cryptocurrencies by market cap, and it is has recorded the largest percentage increase in USD terms out of these cryptocurrencies.
Data from Messari states that BNB increased 35.55% over the past seven days.
The increase seen in BNB has brought it to an important level.
The level is the point where price action broke bearishly in mid-November.
This is an important point for all top cryptocurrencies but BNB is the first top cryptocurrency to increase to this point.
Price had been meeting resistance at Fibonacci retracement levels drawn from the November breakout point to the December low.
After overcoming these, the price quickly rose to the point of the November breakout with a brief retracement occurring around $7.80 to $8.06 which was a point of consolidation during the bearish movements in November.
There is a strong possibility that price may undergo a reversal from here.
Top cryptocurrencies such as Bitcoin are recording drops today resulting in the general direction of the market being bearish.
The 6-hour chart for BNB also shows RSI forming a double top despite price going on to form higher highs.
This shows buying pressure after plateauing despite price continuing to increase.
- BNB is the top performing major cryptocurrency this week and enters the top ten cryptocurrencies by market cap.
- Price has risen to an important level at the point where price broke bearishly in November.
- There is a strong possibility that price will drop from here with the general direction of the market being more bearish and a double top after forming in the 6-hour RSI.