Binance Coin (BNB) Recovers Strongly After Market Crash
Binance Coin (BNB) surged 16% on Monday, October 13, reaching a new all-time high of $1,370. This followed a major market crash that wiped out over $19 billion in value in one day. At the time of writing, BNB was trading near $1,310, according to CoinMarketCap.
Despite the crash, BNB showed resilience. It briefly dropped to $1,024 but quickly bounced back. This recovery reflects growing confidence among traders and investors.
Increased Trading Activity Signals Bullish Sentiment
Data from Coinglass shows a 50% rise in spot trading volume to $8.94 billion. Futures volume jumped 112% to $12.19 billion. Open interest also increased nearly 30% to $2.48 billion.
These gains suggest traders are opening new positions instead of closing short-term bets. This points to a bullish outlook for BNB.
Binance CEO Changpeng Zhao denied rumors that Binance intervened to stabilize BNB prices. He said neither he nor any entity was involved in recent trades. Zhao credited BNB’s strength to its community, builders, and deflationary tokenomics.
Technical Analysis and Market Outlook
BNB’s price chart shows a strong V-shaped recovery. It currently trades above the mid-Bollinger Band support at $1,286. Resistance may appear near $1,340. If momentum holds, BNB could rise toward $1,450–$1,500.
Key support levels are between $1,260 and $1,280. Traders should remain cautious as crypto markets can be volatile. Losses are possible if momentum weakens.
