BNB Price Forecast: BNB nears record high as recovery accelerates, CZ points to genuine market demand
- BNB price hovers around $1,300, having recovered most of its recent correction.
- Binance founder CZ addressed BNB’s recent strong price performance, stating that, unlike many projects, BNB has no market makers.
- The technical outlook suggests further gains targeting a new record high.
BNB (BNB), formerly known as Binance Coin, is showing a strong recovery as it approaches its record highs, with the price rebounding to around $1,300 on Monday after a recent correction. Binance founder Changpeng Zhao (CZ) highlighted on Twitter the token’s robust performance, noting that BNB’s rally is driven by genuine market demand without the involvement of market makers, signaling continued bullish sentiment among investors. On the technical side, indicators suggest rally continuation targeting new record highs.
CZ credits BNB’s rebound to healthy market dynamics
Binance founder CZ addressed BNB’s recent price performance on his Twitter post on Sunday, stating that, unlike many projects, BNB has no market makers.
He emphasized that he is unaware of any related parties buying or selling BNB in the past days or weeks. CZ highlighted that BNB’s strength comes from its builders, community, and deflationary properties.
Moreover, on Monday, CZ stated, "Some people ask why BNB is so strong. While others tried to ignore, hide, shift blame, or attack competitors, key BNBChain ecosystem players—Binance, Venus, and more—took hundreds of millions out of their own pockets to protect users. Different value systems."
BNB Price Forecast: BNB nears its record high
BNB price reached a new all-time high of $1,349 on October 7, but failed to maintain the upward momentum and declined more than 15% by Friday, reaching a daily low of $860 that day. However, BNB recovered most of its losses during the weekend. At the time of writing on Monday, it hovers around $1,300.
If BNB continues its upward trend, it could extend the rally toward its record high at $1,349. A successful close above this could extend gains toward the $1,400 psychological level.
The Relative Strength Index (RSI) on the daily chart reads 65, above the neutral value of 50, indicating bullish momentum is gaining traction. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover on Sunday, further supporting the bullish view.
BNB/USDT daily chart
However, if BNB faces a correction, it could extend the decline toward the next daily support at $1,192.
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
