BNB, the token that drives the BNB chain and can be used for fees on leading Exchange Binance, has crossed $ 1,000 for the first time ever in the midst of a wider crypto market increase.
The token jumped 4.5% in the last 24 -hour period and climbed from $ 956.80 to $ 1,004 all the time high and pushed its market capital to nearly $ 140 billion, according to Coindesk Research’s technical analysis data model.
This movement angled BNB past Solana to regain its position as the fifth largest cryptocurrency at market value.
The rally appears to reflect renewed confidence as Binance is reportedly in conversations with the US Department of Justice (Doj) To put an end to a central compliance requirement from Exchange’s 2023 settlement.
Binance has been under a court -appointed monitor since 2023 as part of its $ 4.3 billion settlement over violations of violations.
The transaction, if completed, would require the exchange to adopt a stricter internal reporting system, as was the case with similar companies released from court -appointed screens.
Some investors on social media are also wondering about the possible return of co-founder Changpen Zhao, who stepped down as part of Binance’s DOJ settlement. Although there is no official indication of his re -entry in leadership, the narrative seems to fuel the momentum behind the token.
The wider crypto market has risen after the US Federal Reserve reduced interest rates by 25 bps yesterday, as expected. The Coindesk 20 index, which offers a weighted measured by the wider digital asset market, is about 3% over the past 24 hours.
Overview of Technical Analysis
BNB’s upward push began steadily after reports of the Binance DOJ agreement appeared, with the token trade around $ 956 in the morning, before they brought the pace of the evening. It jumped from $ 961.41 to $ 994.49 in just over an hour, in a tip that followed with an increase in trade volume.
The token consistently found support between $ 983 and $ 988, though it briefly stopped near resistance of $ 995. This award ceiling was tested several times before one last breakout that saw that it hit a new highlight of all the time over the psychological barrier of $ 1,000.
The sharpest win came in a six -minute window, with prices leaping from $ 998.74 to $ 1,004.28, supported by a volume that burst eight times over the normal hourly levels.
New resistance emerges near $ 1,005 while the support has stabilized just under the $ 1,000 line. BNB’s price has since been withdrawn to about $ 998.
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