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Binance Coin (BNB) was one of the biggest beneficiaries of the PayPal news yesterday, rallying by 10% to break past the $300 mark
Binance Coin was one of the best performers in the cryptocurrency market over the past 24 hours. The cryptocurrency rallied by 10% to break past the $300 mark, reaching its highest level in almost three weeks.
The general cryptocurrency market performed excellently over the past 24 hours, with Bitcoin reaching the $59k mark before losing steam. BNB also performed excellently but is currently facing a bearish trend.
BNB price outlook
The BNB/USD pair rallied to $316 over the past 24 hours, following some excellent news from the cryptocurrency market. By surpassing the $300 mark, BNB reached its highest level in nearly three weeks.
BNB/USD 4-hour chart. Source: Coinalyze
A look at BNB’s 4-hour chart shows that its price has dipped below the $300 mark, indicating a bearish trend. At the time of this report, BNB/USD is trading at $293, which is still above its 100-day simple moving average ($263). The MACD slipped into bearish territory after BNB’s price declined below the $300 mark. If the current trend continues, then BNB/USD could drop to the next support at $280. The pair dipped to $286 earlier today, but the bulls defended the $280 support and pushed it back above the $290 mark.
If BNB establishes strong support at the $300 mark, it could target the next resistant point at $320. However, failure to form strong support at $300 could see the cryptocurrency dip to the $280 mark, allowing it to slip lower to 100-SMA point of $264.
PayPal news lifted the market
PayPal announced yesterday that it had enabled checkout services to US customers, allowing them to spend their cryptocurrencies in 26 million stores globally. The news lifted the general crypto market, with Bitcoin and altcoins enjoying excellent profits.
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