Binance Coin [BNB] jumps over $600 while other coins drown in the red sea

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The crypto market was painted in red. Binance Coin [BNB] was the only asset that was riding the bullish wave. Volatility was written all over the market. Just today, all the assets were seen surging but hours later almost the entire market dropped to the red zone.

Bitcoin [BTC], despite enduring a dainty drop, was seen floating above the $60K level. The altcoin market was in a slump. Solana [SOL] had been bagging significant gains over the last couple of days. However, today, the altcoin was smeared in red. XRP, Cardano [ADA], and Polkadot mirrored a similar notion. Shiba Inu [SHIB], was dropping by 3.60% which was good considering the asset’s recent track record.

Binance Coin [BNB] was on a roll. The altcoin was the face of today’s market. With a whopping 8.85% surge in the last 24-hours, BNB was the talk of the crypto town. During the time of writing, BNB was trading for $607. While the coin finally crossed the $600 level, the persistence of the ongoing trend could act as a great push to the asset.

The market cap of the altcoin was on board with the existing trend as it reached a high of $101.5 billion. Binance Coin stood as the third-largest cryptocurrency in the market.

Binance Coin [BNB] one-hour price chart

Binance Coin
Binance Coin [BNB] jumps over $600 while other coins drown in the red sea 3

The bulls were dancing all over the Binance Coin market. The one-hour price chart on BNB noted strong bullish signs which could mean that the chances of the altcoin moving on towards $650 were high. The Parabolic SAR indicator formed dotted lines below the price candles which further acted as a line of support.

The MACD line was way above the signal line which further indicated a bullish crossover for the altcoin.

The Relative Strength Index [RSI] indicator suggested that the altcoin was being overtly purchased by the buyers in the market.

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