Biggest Movers: BNB Rallies to 5-Month High on Monday

Biggest Movers: BNB Rallies to 5-Month High on Monday

Binance coin rose to a five-month high on Monday, as cryptocurrency prices continued to trade higher. The token rose to its highest point since mid-May, extending recent gains in the process. Avalanche was also in the green, climbing to a six-week high during today’s session.

Binance Coin (BNB)

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

BNB/USD moved to a peak of $336.52 earlier today, which comes less than a day after trading at a low of $307.37.

Monday’s rise in price sees the token hit its highest point since May 9, when the coin was trading at $359.

BNB/USD – Daily Chart

Overall, BNB has now extended its recent bull run, with prices moving higher for a fourth consecutive day.

Despite recent hacks on a blockchain linked to Binance, its native token remains unscathed, and has now risen by as much as $100 in the last ten days.

As a result of this, the 14-day relative strength index (RSI) has risen to overbought territory, and is now tracking at its highest point since last April.

Avalanche (AVAX)

Another notable mover in today’s session was avalanche (AVAX), which rebounded following a volatile weekend.

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

Today’s move came as the token moved above its recent resistance of $18.50, hitting its highest point since mid-September in the process.

AVAX/USD – Daily Chart

Looking at the chart, the RSI for AVAX is currently tracking at 68.49, which is slightly under a ceiling of 70.00.

This is the strongest point the index has reached since early August, and will likely be the biggest obstacle preventing the token from further surges.

In order to move above $20.00, bulls will need to first ensure that the RSI moves well past this upcoming wall.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Avalanceh, Avalanche, AVAX, binance coin, bnb, Cryptocurrency

Could we see avalanche hit $20.00 ahead of Wednesday’s FOMC meeting? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Updated: 10/31/2022 — 19:00

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