Key Insights
- CZ donated 150 BNB worth $100k to help users who suffered losses on LIBRA.
- BNB coin price eyes $700 resistance breakout to reach ATH region.
Binance Coin (BNB), the native token of one of the largest cryptocurrency exchanges, looks poised to break its ATH mark. It has regained bullish momentum and jumped toward the $650 mark.
Crypto analysts were anticipating an upward move and suggested a bullish rally in the coming sessions.
At press time, BNB coin price was trading at $648.73, noting a decline over 0.20% in the past 24 hours. Its market cap stood at $92.42 Billion, ranked 5th in the overall crypto market.
CZ’s Approach to Memecoins Becomes Clear Through His Actions
Binance’s CEO Changpeng Zhao (CZ) became entangled in an intriguing memecoin controversy after “Broccoli(caab)” and “Broccoli(6714)” tokens emerged on the BNB Chain.
The X community reported that CZ made a $100K donation as 150 BNB to aid LIBRA users who lost money on the discontinued platform.
Once CZ showed his goodwill by donating 150 BNB, someone created the Broccoli(caab) token before selling it in one transaction to return the money through CZ’s wallet.
The significant holder of Broccoli(6714) made a direct token transfer of 10 Million tokens to CZ’s wallet.
By transferring tokens to CZ, these actions appear to be part of a community effort to bring him onto their own cryptocurrency platform.
In his public statements, CZ warned about BNB Chain’s immature meme investment environment, yet, he continues to engage with these tokens.
His perspective shows approval toward BNB blockchain expansion and concern about the memecoin craze with a strong emphasis on risk control and careful behavior.
Binance Price Set to Break ATH: Here’s an Analyst’s Perspective
A recent post on X by Elite Crypto showed that Binance coin price held strength above the ascending wedge pattern.
Despite the shakeout toward the $600, it recovered strength and recouped the recent losses. Currently, it decisively held gains and was looking to break the $650 hurdle for an upswing.
In case of a successful break above the $700 mark, an upward rally toward the ATH mark and a fresh ATH could be seen in the coming sessions.
Moreover, Elja in his recent post revealed that, BNB coin price has sustained beyond the horizontal neckline of $640 and primed for a rally.
Once it forms a higher high above the $700 mark, it could break its ATH zone and may reach toward the $1000 mark in the next sessions.
At the time of writing, Binance price is facing a descending trendline hurdle of $660. In case of a successful trendline breakout, BNB coin price might revisit the $700 mark soon.
However, a break below the $620 mark could open the doors for further downward moves toward $600 and $580.
Futures Market Data Outlook
Traders remain optimistic about BNB’s potential upmove as indicated by Open Interest (OI) data from CoinGlass. In the past 24 hours, the OI has risen over 0.90% to $826.52 Million.
Additionally, the liquidation data shows a clear bullish bias. Liquidations of long positions reached $73.9k, while short liquidations totaled just $20k. It hints that the majority of traders remain optimistic about further price increase.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Nadia Kamal is a dynamic journalist with a specialization in financial technology and crypto markets. Her articles are known for breaking down complex subjects into accessible insights for everyday readers. Nadia’s work has been featured in multiple high-profile publications, earning her recognition from both industry insiders and major brands.