BNB surged this afternoon, as markets reacted to the news a court in the United States was siding with Grayscale in its case with the Securities and Exchange Commission (SEC). The court said the SEC was wrong to deny Grayscale permission to migrate its bitcoin product into an ETF. Toncoin also rallied, hitting its strongest point since June.
Since hitting a one-year low last week, BNB has mostly moved higher in recent days, with today’s surge coming after the latest U.S. consumer confidence report.
Following a low of $217.05 to start the week, BNB/USD moved to a peak of $233.06 earlier in today’s session.
This has resulted in the native token of cryptocurrency exchange Binance climbing to its highest point since August 16.
BNB/USD – Daily Chart
Tuesday’s gain came as the 14-day relative strength index (RSI) jumped beyond a key resistance level of 53.00.
As of writing, price strength is tracking marginally above this point at 54.13, with a ceiling at 55.00 awaiting.
Earlier gains have somewhat diminished, as traders liquidated their positions in fear of a reversal close to this zone.
Toncoin (TON) was another notable gainer on Tuesday, as it raced to its highest point in over two months.
TON/USD climbed to an intraday high at $1.63 earlier in today’s session, following a low of $1.49 on Monday.
As a result of this rise in price, toncoin has moved to its strongest level since June 10, when it peaked at $1.68.
TON/USD – Daily Chart
This comes as the RSI jumped past a resistance level of 66.00. It currently tracking at 70.41.
Due to price strength being overbought, bears are likely going to be lurking, and waiting for an opportunity to reenter.