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While the cryptocurrency market has recently experienced notable volatility, the price momentum of BNB has been on the rise, with February 22 marking another milestone. The cryptocurrency reached its highest value since November 2022 at $387, showing a significant 9% increase in the last 24 hours.
Why Is BNB Rising?
The price increase of BNB in the last 24 hours coincides with Bitcoin’s 2.5% decline against the US dollar. This divergence is particularly evident in the BNB/BTC pair, which has seen an increase of over 11%, highlighting a significant shift in market dynamics among these top-tier cryptocurrencies.
Simply put, investors may be moving out of the Bitcoin market and into BNB in search of security. This is reflected in BNB’s market dominance, which jumped from 2.74% to 2.99% in the last 24 hours.
The recent price surge in BNB coincided with the launch of Portal, an interchain gaming platform, on Binance Launchpool, highlighting potential factors for increased investor interest and capital inflow into BNB.
The Portal launch is accompanied by a staking pool that allows users to collect up to 50 million PORTAL tokens by staking BNB and FDUSD assets in separate pools until February 29, potentially increasing investor interest and capital inflow into BNB.
Key Levels to Watch for BNB
BNB’s rise towards $387 appears to be part of an uptrend breaking out from a previous bull flag range. However, BNB’s 4-hour Relative Strength Index (RSI) has entered the overbought territory above 70, indicating the cryptocurrency may be at risk of a price correction.
If BNB enters an overbought correction cycle, the primary downside target could be the 0.326 Fibonacci retracement line at $364, a 4.5% drop from current levels by the end of February. Conversely, a decisive break above the $387 resistance level could push BNB’s price towards $400.
