Here is why BNB is up by more than 10% today
The cryptocurrency market has been underperforming since the start of the year, but the performance has improved in the last 24 hours.
Over the past two weeks, the cryptocurrency market has lost more than $300 billion. The total cryptocurrency market cap dropped below the $2 trillion level for the first time since September as Bitcoin, and other major cryptocurrencies underperform.
However, the market is slowly recovering, and BTC and others are now performing excellently. BNB, the native token of the Binance ecosystem, has added more than 10% to its value in the past 24 hours.
This latest development comes after Binance partnered with the Confederation of African Football to sponsor the TotalEnergies African Cup of Nations tournaments. Binance intends to promote the adoption of cryptocurrencies in Africa and sees the football tournament as the perfect opportunity to reach more people.
Binance's director for Africa, Emmanuel Babalola, stated that football is the most popular sport in Africa. The exchange's sponsorship of the tournament is expected to spread further awareness regarding cryptocurrencies.
BNB has added more than 10% to its value so far today, and it is now trading above the $450 level.
Key levels to watch
The BNB/USDT 4-hour chart is currently bullish, thanks to the cryptocurrency's latest rally. The technical indicators show that BNB is performing excellently and could rally higher in the coming hours.
The MACD line is above the neutral zone, with the move fueled by BNB's rally since the start of the day. The RSI of 68 shows that the cryptocurrency could soon enter the overbought region.
If the bullish momentum is maintained, BNB will rally past the first major resistance point at $505 in the coming hours. An extended rally would see BNB move past the second major resistance level at $539 over the next few days.