After extending its recent gains, bnb hit its 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. Ethereum classic, on the other hand, was down for a second consecutive session.
Binance Coin (BNB)
BNB, the native token of the Binance ecosystem, was one of the biggest performers of the day, as it hit its highest level in two months.
This movement comes after the announcement of a new partnership with Swiss luxury watchmaker Franck Muller. Binance CEO Changpeng Zhao confirmed the news, tweeting: “Franck Muller accepts BNB payment for their watches“.
As a result, BNB reached an intraday high of $307.76 during today’s session. This move saw BNB break through its resistance level at $300, on track to hit its highest level since June 6.
After that high, momentum has now waned as the bulls have likely liquidated their prior positions at that level, which has historically been a point of uncertainty.
On top of that, BNB appears to have entered overbought territory, with the 14-day Relative Strength Index (RSI) currently sitting at a four-month high of 69.77.
On the other hand, ethereum classic declined for the second day in a row as prices continued to fall from a recent high. Since hitting a high of $45.40 on July 29, which was its highest point since April, ETC has traded in the red for five of the past seven sessions.
Today’s decline saw the cryptocurrency drop to an intraday low of $35.10, which is marginally higher than a current support level of $35.00.
Since hitting this low, prices have risen slightly, with the token trading at $36.14 today.
This appears to be due to the 14-day RSI crossing above its own low at 65, and is currently near 67. If we continue to see price strength rising, ETC bulls will likely attempt to bring the token towards a ceiling of $38.90.
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