BNB Shows Strong Recovery Near Record Highs
BNB, formerly Binance Coin, is recovering well after a recent price drop. On Monday, its price rose to about $1,300. This comes after a correction that pushed the price down earlier.
Binance founder Changpeng Zhao (CZ) praised BNB’s strong performance on Twitter. He said the rally is driven by real market demand. CZ added that no market makers are involved. This shows investors remain confident in BNB.
CZ Highlights Healthy Market Factors Behind BNB’s Rise
On Sunday, CZ explained BNB’s price gains in a Twitter post. He said BNB has no market makers, unlike many other projects. CZ said he does not know of anyone buying or selling BNB in recent weeks.
He credited BNB’s strength to its builders, community, and deflationary features. On Monday, CZ said key players in the BNBChain ecosystem, like Binance and Venus, invested hundreds of millions to protect users. He contrasted this with others who ignored or attacked competitors.
BNB Price Outlook: Approaching Previous Highs
BNB hit an all-time high of $1,349 on October 7. It then dropped over 15% to a low of $860 by Friday. The price recovered most losses over the weekend. On Monday, BNB traded near $1,300.
If the upward trend continues, BNB could retest the $1,349 high. Breaking this level may push the price toward $1,400.
- The Relative Strength Index (RSI) is 65, showing growing bullish momentum.
- The Moving Average Convergence Divergence (MACD) had a bullish crossover on Sunday.
These technical signs support a continued rally. However, if BNB corrects, it may fall to the next support level near $1,192.
