BNB Hits $1,220 ATH Amidst Market FOMO Push
October began with optimistic expectations for Bitcoin and the altcoin market. The fear of missing out has pushed BNB to a new all-time high.
- BNB increased by 3% over the last 24 hours, reaching $1,220 on October 6 at 06:35 UTC.
- BNB's market cap climbed to $170 billion, nearing USDT's $179 billion value.
- The asset recorded a 60% price increase over the past two months.
- Analysts suggest BNB could target the $1,500 mark as a psychological level.
However, surpassing $1,500 would require BNB's market cap to exceed $208 billion, positioning it as the third-largest digital asset, ahead of XRP and USDT.
BNB Technical Analysis
- BNB's Relative Strength Index (RSI) is currently at 72, suggesting strong momentum but not yet overbought.
- An RSI above 80 would indicate overbought conditions, potentially leading to profit-taking and volatility.
Bitcoin reached an ATH of $125,559 on October 5, fueling bullish sentiment for October, known as "Uptober." Expectations are for BTC to reach $150,000 due to strong momentum.
- Historically, Bitcoin has averaged a 20.8% monthly return in October.
- A rise in Bitcoin may positively influence top altcoins like BNB.