Key Takeaways
- BNB price has approached $1,160, aiming for a third consecutive green daily candle.
- News of Changpeng Zhao’s pardon has positively influenced market sentiment for BNB.
- With Bitcoin surpassing $115,000, BNB is poised for a potential rebound, targeting $1,300.
The cryptocurrency market is experiencing a broad uptick, with the BNB price revisiting a key resistance level around $1,160. This movement suggests potential for further upward momentum, especially as analysts highlight a promising week ahead for risk assets.
Currently trading near $1,153, bulls are actively testing this critical supply zone, indicating strong market interest.
BNB Price Action and Technical Analysis
Over the past week, BNB has shown increased activity, nearing and briefly surpassing the $1,160 mark. This retest, occurring within a general market recovery, reflects growing buyer confidence. The exchange token has maintained two consecutive days of positive gains and is aiming for a third.
The past 24 hours have seen a notable 3% increase, contributing to a nearly 20% rise in BNB’s value over the last month. The last instance of BNB trading above $1,160 was in mid-October, shortly before a significant correction from its all-time high near $1,370.
The Relative Strength Index (RSI) on the daily chart has advanced from oversold levels below 40 to a neutral reading of 54. On the 4-hour chart, the RSI is around 65. This trend suggests diminishing selling pressure, potentially providing more room for price appreciation before reaching overbought conditions.
💡 A decisive close above $1,160 could serve as a strong confirmation for a bullish breakout.
If bulls maintain control, the next price targets are anticipated at $1,185 and $1,125. Success in these levels could pave the way for a retest of the all-time high above $1,300. Conversely, a failure to hold the $1,150 support level could lead to a pullback towards $1,100 and subsequently $1,080.
Impact of Changpeng Zhao’s Pardon on BNB
Recent developments have significantly brightened the outlook for BNB. The pardon of Binance founder Changpeng “CZ” Zhao by former President Donald Trump has provided a notable boost not only to BNB but to the wider cryptocurrency market.
Zhao had completed a four-month sentence earlier in 2024, following his resignation as Binance CEO and conviction related to violations of anti-money-laundering regulations associated with Binance’s operations. Immediately following the announcement of Trump’s pardon, BNB experienced a surge in value.
The key question remains whether Zhao’s pardon might indicate a potential return to his leadership role at the exchange. While speculation is ongoing, reports suggest Zhao is more focused on his current ventures, including YZi Labs.
⚡ The native token of the high-throughput BNB Chain has also seen positive momentum from recent listings on prominent platforms such as Coinbase and Robinhood.
The current retest of the $1,160 level represents a crucial juncture for both buyers and sellers in the BNB market, highlighting its significance as a key trading zone.
Expert Summary
BNB is showing signs of strength, retesting the $1,160 resistance level amid broader market gains. Positive sentiment, partly driven by the pardon of Binance founder Changpeng Zhao and fresh exchange listings, supports a potential rally towards its all-time high. Technical indicators suggest room for further upside if key support levels are maintained.