On February 22, the price of Binance Coin (BNB) increased by approximately 5% due to speculation following a conversation between famous musician Kanye West and Binance founder Changpeng Zhao. This event led to a significant influx of capital within hours, as the market sought to recover from recent sudden sell-offs.
Kanye West and Cryptocurrency
In response to a recent incident at the Bybit exchange, Binance facilitated a liquidity support measure by transferring 50,000 ETH to ease user transactions. This move aimed to reduce panic risks in the market, contributing to BNB’s swift recovery. Despite market fluctuations, a rebound in BNB was observed.
Kanye West indicated on social media that he is considering launching his own blockchain project, going beyond traditional meme token trends. He shared screenshots of private messages to express his thoughts on a new digital venture. The influence of prominent figures like West has heightened speculation in this domain.
Kanye West: “Creating your own brand is key to success.”
Edward: “A systematic structure can be established, similar to Cardano 
$0.760149.”
Technical Analysis and Price Expectations
Technical analysis reports indicate that BNB is testing significant price levels. The price approached the upper Bollinger Band at $689.8, which increases upward pressure. Additionally, there has been a rise in trading volume, with the OBV indicator showing positive signals, and the market concentrating on buying.
Maintaining the current form is crucial, with support levels expected to stay above $680. Otherwise, short-term pullbacks are anticipated. Market participants believe that, should positive developments continue, a rise toward the $700 level could be possible.
