Published on juni 5, 2024, 12:34 pm
Image source: Fox News
```json [ "BNB's price hit a new high at $716, up 4.50% intraday and 14% in the last 24 hours, outperforming the overall crypto market. Influenced by macroeconomic factors and technical indicators rather than specific drivers. The rise correlates with declining U.S. bond yields, showing over 20.75% increase when bond yields drop. Technically, BNB broke out of an ascending triangle pattern supported by EMAs, aiming for $800 with caution due to overbought RSI levels above 70." ] ```
BNB’s price performance today has been remarkable, reaching a new high of around $716 with a 4.50% intraday increase and over 14% surge in the last 24 hours. Surpassing the broader crypto market’s 3.5% rise during the same period, BNB’s success lacks a distinct fundamental driver but is rather influenced by macroeconomic factors and technical indicators.
The current uptrend of BNB aligns with the declining U.S. bond yields, showcasing a negative correlation as bond yields decrease while BNB’s price rises by more than 20.75%. The Federal Reserve hints at potential rate adjustments due to stable inflation levels and subdued manufacturing and consumer spending data, causing Treasury yields to drop and nudging investors towards riskier assets like cryptocurrencies.
Technically speaking, BNB’s price surge signifies a breakout phase from its ascending triangle pattern, triggered by support from the 20-day and 50-day exponential moving averages (EMA). This breakout suggests a potential upward move towards $800, marking an approximate 15% increase from current levels. However, caution is advised as the daily RSI indicates overbought conditions above 70, implying a possible correction or consolidation in the near future.
In conclusion, while BNB’s recent performance is promising, it’s essential to note that investing in cryptocurrencies carries inherent risks. It’s advisable for readers to conduct thorough research before making any investment decisions to navigate this volatile market effectively.
Original article posted by Fox News
