Binance Coin [BNB] Bulls Remains Unruffled By Market Correction

Binance Coin [BNB] was on fire and can be easily deemed as one of the best performing crypto-asset in the recent week with its unstoppable bullish streak. Despite the market-wide pullback, BNB along with several altcoins slid down multiple support levels.

Even as BNB’s remarkable rally has come to a halt, the exchange token was still up by 140% over the last 7-days.

After a slump of 13.15% over the past 24-hours, Binance Coin was trading at $123.29. At the time of writing, the cryptocurrency climbed into the 7th position as it held a market cap of $19.16 billion while recording a 24-hour trading volume of $4.63 billion.

Binance Coin [BNB] Daily Chart:

Binance Coin’s [BNB] parabolic rise first gained traction in the second week of December 2020. Soon after climbing its first crucial level of resistance at $51, there was no stopping for the exchange token which rode the bullish wave climbing to levels never seen before.

The latest price action by the token also sparked off substantial volatility. This was evidenced by the diverging Bollinger Bands and the rising gauge which depicted an extended period of volatility in the Binance Coin’s price.

The Awesome Oscillator also rose high with its green closing bars depicting a strong bullish momentum. Interestingly, the technicals remained unfazed by the downside correction which led to a drop close to its nearest level of support.

The RSI also aligned with the bears. At the beginning of the month, the RSI had entered the extremely overbought territory, suggesting the bulls might be a little overextended right now. Despite a minor plunge right after hitting the ceiling of overbought, the indicator was still well above the 50-median line depicting that the sentiment of buying pressure was still very much intact.

A major takeaway from the chart is that Binance Coin [BNB] remained in the bullish realm even after the market-wide rout. Looking ahead, the first level of resistance is located at $128 before targeting its recently established ATH of $148.

On the other hand, the support levels lie at $72.89 and $51.07 respectively.