BNB’s price is gaining momentum, supported by the recent pardon of Binance‘s founder Changpeng Zhao and the overall recovery of the crypto market.
Overview:
- BNB has regained the $1,100 support, rising by 2.5% in the past 24 hours and nearly 8% over the past week.
- The pardon of Binance’s CEO has boosted investor confidence, easing concerns about regulatory pressures and enhancing the token’s outlook.
- The technical setup remains bullish, with solid support at $1,051 and resistance at $1,157. The next target is around $1,300.
Currently, BNB is trading at approximately $1,125, up 2.54% in the last 24 hours and 7.79% over the past week. The token initially started the week above $1,100 but fell to around $1,050 by Tuesday, only to rebound sharply and rise past $1,160, hitting its peak for the week.
This rebound follows the presidential pardon granted to former Binance CEO Changpeng Zhao, which appears to have positively impacted investor sentiment. The pardon helped alleviate lingering regulatory concerns, thereby strengthening confidence in BNB’s long-term stability and the broader market.
BNB’s rise also coincides with a broader recovery in the cryptocurrency market, as Bitcoin remains strong above $111,000, and Ethereum nears $4,000. Both assets are helping to boost overall market sentiment.
BNB Price Outlook: Bulls Eye Higher Targets
BNB continues to show strength, holding above key support levels. It’s trading above $1,051, its immediate support, and facing resistance around $1,157. A break above this level could indicate continued bullish movement.
If BNB surpasses $1,157, the next resistance level to watch is $1,319, where the previous rally stalled. A strong move past this level could attract more buying, signaling that the bulls are in control.
However, if BNB fails to maintain support above $1,051, it may face downward pressure, with support at around $939.
At present, BNB’s recovery remains on track, supported by positive market sentiment and solid momentum. As long as it stays above support levels and the broader market strengthens, BNB is well-positioned for further upward movement.
