BNB Hits New All-Time High Despite Market Uncertainty
After a long period of steady growth, Binance's native token, BNB, has surged to an all-time high, reaching $716.
This milestone arrives at an unexpected time as Binance founder and former CEO, Changpeng Zhao (CZ), begins his prison sentence for violating the Bank Secrecy Act.
Despite the record high, market indicators suggest a possible decline. The Relative Strength Index (RSI) is in overbought territory, which often precedes a market pullback.
Additionally, Open Interest in BNB futures has jumped by $400 million in four days, indicating heightened investor activity and potential volatility.
BNB’s recent performance includes a 15% increase over five days, breaking past the $618 resistance level. However, this bullish trend might be peaking.
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If a correction occurs, BNB could fall to $656 or even back to $618 if the support level fails. Conversely, a rebound from $656 could stabilize the price above $650, maintaining a sideways trend.
BNB’s new all-time high amid CZ’s legal troubles marks a significant moment for Binance. While technical indicators suggest a potential correction, recent gains are unlikely to be completely erased. Investors should monitor key support levels to determine BNB’s next move.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
