BNB Reaches 2 Month High, ETC Extends Recent Lows – Market Update Bitcoin News


After continuing its recent gains, Bnb’s exchange rate rose to the highest point in two months during today’s trading session. The move follows tweets from Binance CEO Changpeng Zhao, confirming a new partnership with Swiss watchmaker Franck Muller. On the other hand, Ethereum classic was lower for the second consecutive session.

Binance Coin (BNB)

BNBOne of the biggest movers of the day, the original token of the Binance ecosystem, surged to its highest level in two months.

The move came on the heels of the announcement of a new partnership with luxury Swiss watchmaker Franck Muller.

Binance CEO Changpeng Zhao confirmed the news, in a tweet, “Frank Muller agrees BNB Pay for their hours.”

Biggest Drivers: BNB Reaches Two-Month High, ETC Continues Recent Falls
BNB/ USD – daily chart

as a result , BNBThe US dollar rose to an intraday high of $307.76 in today’s session, less than 24 hours after trading as low as $290.32.

saw this move BNB It climbed above the $300 resistance level, on its way to reaching its highest point since June 6.

After this rally, the momentum has now waned, as the bulls are likely to liquidate their previous positions at this level, which has historically been a point of uncertainty.

in addition to , BNB It 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.) for the second day in a row, as prices continued to decline after their recent rally.

Since it peaked at $45.40 on July 29, which was the highest point since April, etc.The US dollar has been trading in the red for five of the past seven sessions.

The day’s decline saw the crypto drop to an intraday low of $35.10, which is marginally above the current support level of $35.00.

Biggest Drivers: BNB Reaches Two-Month High, ETC Continues Recent Falls
etc./ USD – daily chart

Since hitting this bottom, the price has increased slightly, with the coin trading at $36.14, as of writing.

This appears to be due to the 14-day RSI moving above its own floor at 65, and is currently tracking close to 67.

Should we continue to see price strength increase, etc. The bulls are likely to try to take the coin towards the $38.90 ceiling.

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Will we see the price of Ethereum Classic rise to $40 this week? Let us know your thoughts in the comments.

Eliman Dambel

Eliman offers an eclectic view of market analysis, having worked as a brokerage manager, retail trading educator and market commentator on Crypto, Stocks, and FX.




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