BNB Hits New All-Time High Despite Market Uncertainty
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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.