In recent months, the tension between Binance-SEC escalated, resulting in the company CEO CZ admitting to the accusations. Following the process, CZ resigned from the CEO position, casting a shadow over the company for a while. During this period, all eyes of investors turned to Binance exchange’s native token BNB. So, what is the current situation of BNB?
BNB Price Analysis
Rekt Capital, a well-known analyst and trader in the cryptocurrency market, believes that BNB, which is among the top five in terms of market value, could target higher levels if it successfully surpasses and converts a significant resistance level into a support zone.
Rekt Capital also feels that if Binance Coin (BNB) can successfully turn the resistance level at $340 into a support level, the outlook could be more positive.
After regaining its position from SOL as the fourth-largest cryptocurrency asset, Rekt Capital indicates that an incredible rise could begin for this altcoin.
According to Rekt Capital’s shared chart, BNB has broken out of a descending triangle formation on the weekly chart and has firmly maintained its position after the breakout. Although descending triangles are generally considered bearish, breakouts above the hypotenuse can signal the start of an uptrend.
Latest Bitcoin Situation
BNB’s price has shown an increase of approximately 20% over the past week and is currently trading at $316 at the time of writing. On the other hand, the analyst also reviewed Bitcoin (BTC), noting that there is just over 100 days left until the planned halving in April 2024, and added:
Deeper pullbacks before the halving will be ultimate bargain buying opportunities for Bitcoin.
As seen in Rekt Capital’s graph above, Bitcoin appears to be above the upper trend line of an ascending triangle, which is generally associated with an uptrend.
Looking at the graph again, it is observed that Bitcoin underwent a significant correction just before the third halving in 2020, and considering this, it is worth mentioning that the price exceeded its all-time high later that year. At the time of writing, Bitcoin was trading just below the $42,000 level.
