After extending its recent gains, bnb hit a two-month high in 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 players of the day, as it reached its highest level in two months.
The move 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 above its $300 resistance level, on track to reach its highest level since June 6.
After that high, momentum has now waned as bulls have likely liquidated their previous positions at this 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 fell for the second consecutive day, with prices continuing to fall after 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 last seven sessions.
Today’s decline saw the crypto-currency fall 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 fact that the 14-day RSI has moved above its own low at 65, and is currently near 67. If we continue to see increasing price strength, ETC Bulls will likely try to take the token towards a ceiling of $38.90.