Binance (BNB) coin price has shown a lot of strength in the ongoing crypto bear market. While other major altcoins are 70%-90% from their 2021 all-time highs, BNB price is only down 52.74%. This shows that the investor’s faith in the Binance Exchange and Binance Smart Chain’s ecosystem is still intact.
BNB price is having a great week as it is up 3.84%. The recent breakout in Bitcoin price is one of the major catalysts behind the positive price action in altcoins. BTC price has broken above $30,000 in this week for the first time since June 2022. This has led to a rally in most cryptocurrencies, including Binance coin.
BNB Price Remains Unfazed By The Fud
Unlike most other crypto ecosystems with their own coins, Binance dedicates a portion of its profits to buying back and burning BNB every quarter. This leaves a positive effect on the Binance coin price by increasing its demand. The price of the cryptocurrency often increases close to its quarterly burn. The 23rd quarterly burn is bound to happen very soon, where around 2.2 million BNB will be taken off the markets.
In the past few months, there have been many controversies surrounding Binance involving regulatory issues and accusations against its CEO. Nevertheless, BNB has remained resilient amid all the FUD (fear, uncertainty, and doubt). A major reason behind a loyal community of holders is the tranparancy efforts by the Binance CEO Chengpeng Zhao.
Binance Coin Price Retests Major Resistance
The BNB price chart shows that the price has been trading within the $215-$336 accumulation range since May 2022. The bottom of this range acts as a support, and the top of this support acts as a resistance for the price. It is evident from the following chart that the price is currently on its way to retesting the range highs.
Binance coin price prediction will flip extremely bullish if the price breaks above its $336 resistance. This might lead to a bigger push toward $400 level or even a higher price target. However, the broader market sentiment and the BTC price action will play a key role in this regard.
I’ll also keep posting my updated Binance Coin (BNB) analysis in my free Telegram group, which you’re welcome to join.
