- CZ predicts BNB’s $1T market cap; currently trading at $707.50 with a $99.84B cap, showing a 2.20% weekly gain.
- BNB targets $1,085 resistance, a 57% upside if momentum holds; $699.50 and $680 are critical support levels.
- Bullish signals: RSI at 52.23, MACD crossover, and price above Anchored VWAP suggest recovery and potential breakout.
Former Binance CEO Changpeng Zhao (CZ) has expressed confidence in Binance Coin (BNB) reaching a $1 trillion market cap. Responding to a comment by X user Dinshoo Udit, who noted the big market caps of tech firms like Apple, Nvidia, Microsoft, and Amazon, CZ simply advised, “Give it time.” BNB has a market cap of $99.84 billion, trading at $707.50, a 0.01% increase in the past 24 hours but a 2.20% increase over the past week.
Technical Levels and Trends
According to analyst Javon Marks, BNB has regained a crucial level above $650.60, with a predicted target of $1,085.70. This is a possible 57% upside if the current trend holds. The price shows recovery from previous lows, as BNB consolidates around $850, supported by a substantial rally.
Resistance is at $1,085, a key breakout target. The recovery phase is indicated by a noticeable increase in trading volume, particularly during upward price movements. These spikes in volume suggest strong market activity during dips.
The price has shown resilience, holding above $850, which is identified as a critical support zone. The next resistance level at $1,085 could determine the movement side of BNB’s bullish momentum.
On a four-hour timeframe, BNB’s technical indicators show mixed signals. The RSI is at 52.23, in a neutral range, indicating balanced buying and selling pressures. The RSI’s bounce from 46.86 suggests a potential recovery in buying momentum, with a move above 60 likely, a stronger bullish momentum.
The MACD indicator shows the MACD line at -1.62, crossing above the signal line at -2.50. Although the MACD remains below the zero line, this crossover hints at a potential bullish reversal. The histogram turning less negative further supports the diminishing bearish momentum.
The Anchored VWAP (Volume Weighted Average Price) shows the average price weighted by volume since a rally began. The price is above the Anchored VWAP, indicating bullish sentiment in the short term. If the price falls below the Anchored VWAP, it could signal a loss of bullish momentum.
Support and Resistance
BNB is trading above key support levels. A strong support is near $699.50, with another support zone around $680. These levels have provided a base for multiple price rebounds. Immediate resistance is at $720.00, which could lead to further bullish momentum if breached.
Volume shows substantial buyer interest during recent recoveries, particularly between $680 and $707.50. This suggests that the $699.50 level remains a crucial demand zone. A breakout above $720.00 could fuel BNB toward $740.00 and higher, while a failure to hold above $699.50 may lead to a retest of the lower support at $680.00.