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

Binance coin rose to a five-month excessive on Monday, as cryptocurrency costs continued to commerce greater. The token rose to its highest level since mid-Might, extending current features within the course of. Avalanche was additionally within the inexperienced, climbing to a six-week excessive throughout at the moment’s session.

Binance Coin (BNB)

Binance coin (BNB) rose to a five-month excessive to begin the week, as cryptocurrency markets surged on Monday.

BNB/USD moved to a peak of $336.52 earlier at the moment, which comes lower than a day after buying and selling at a low of $307.37.

Monday’s rise in value sees the token hit its highest level since Might 9, when the coin was buying and selling at $359.

bnbusd 2022 10 31 14 07 05 d4395 BNB/USD – Each day Chart

Total, BNB has now prolonged its current bull run, with costs shifting greater for a fourth consecutive day.

Regardless of current hacks on a blockchain linked to Binance, its native token stays unscathed, and has now risen by as a lot as $100 within the final ten days.

On account of this, the 14-day relative energy index (RSI) has risen to overbought territory, and is now monitoring at its highest level since final April.

Avalanche (AVAX)

One other notable mover in at the moment’s session was avalanche (AVAX), which rebounded following a unstable weekend.

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

Right now’s transfer got here because the token moved above its current resistance of $18.50, hitting its highest level since mid-September within the course of.

avaxusd 2022 10 31 14 24 49 cb50b AVAX/USD – Each day Chart

Wanting on the chart, the RSI for AVAX is at the moment monitoring at 68.49, which is slightly below a ceiling of 70.00.

That is the strongest level the index has reached since early August, and can probably be the largest impediment stopping the token from additional surges.

In an effort to transfer above $20.00, bulls might want to first be certain that the RSI strikes nicely previous this upcoming wall.

Might we see avalanche hit $20.00 forward of Wednesday’s FOMC assembly? Tell us your ideas within the feedback.

Eliman Dambell

Eliman brings an eclectic perspective to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. At present, he acts as a commentator throughout varied asset courses, together with Crypto, Shares and FX.

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