BNB Ready To Breakout? New ATH Coming ‘In No Time’ If This Resistance Breaks
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. BNB is among today’s market leaders after seeing a 5% surge in the past 24 hours. Amid its recent performance, the token is retesting key levels, leading some market watchers to forecast new highs could be around the corner. Related Reading BNB Retest Key Resistance Levels On Monday, BNB crowned itself as one of the best-performing tokens among the top 100 cryptocurrencies after climbing back to a key level, attempting to break from its downtrend. The token has retraced around 20% since hitting its all-time high (ATH) of $793 on December 5, 2024, losing the $700 support zone amid the Q1 market retraces. Since February, its price has hovered between the $500-$700 range, hitting a 6-month low in February. During last Monday’s correction, the cryptocurrency retested the range lows again, briefly touching $510 before bouncing. Nonetheless, the token has recovered 18% from last week’s bottom, hitting a monthly high. Notably, BNB attempted to reclaim the $600 level over the weekend, failing to hold it until Sunday night. The cryptocurrency surged 7.7% in the following hours, hitting $643 on Monday morning before retracing. Crypto analyst Carl Runefelt pointed out that after reclaiming the $600-$620 horizontal level, the token targets its three-month descending resistance line at around $650. According to Runefelt, the token has “all the chances” to break this downtrend line once it “gains some foothold” above the recently reclaimed horizontal levels BNB retests key horizontal level. Source: Carl Runefelt on X Meanwhile, AMCryptoAlex highlighted that BNB broke out of an inverse Head and Shoulders pattern following its performance. Alex also noted that the token surged above the $620 barrier, printing “consistent green candles above the crucial resistance level,” which suggests that it is “primed for more upside.” BNB Chain Surpasses Solana’s DEX Volume Ted Pillows also affirmed that BNB’s chart looks promising, with a “double-bottom pattern along with fundamentals getting better.” The analyst highlighted that the BNB Chain has surpassed Solana’s decentralized exchange (DEX) volume in the past 24 hours, which could fuel the token’s rally to reclaim the $640 level. To him, “Once that happens, BNB will hit a new ATH in no time.” Related Reading According to DeFiLlama data, BNB Chain’s trading volume surged to $1.64 billion on Sunday, surpassing Solana’s $1.07 billion registered on March 16. The network’s DEX trading volume has also increased by 13.27% over the past week, ranking third during this timeframe. BNB Chain surpasses Solana in DEX 24-hour trading volume. Source: DeFiLlama The surge seems to be fueled by its recent memecoin frenzy, which has been driven by tokens like Mubarak (MUBARAK). The token has seen a trading volume of around $300 million in the past 24 hours, with its price surging 99% in the past day. Meanwhile, Solana’s network has been experiencing bearish sentiment from crypto investors following the performance of TRUMP and MELANIA, the memecoins of the US President and First Lady, and the crash of the Argentina-backed LIBRA token. At the time of writing, BNB trades at $627, a 4.18% surge in the daily timeframe. BNB’s performance in the one-week chart. Source: BNBUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
CZ Sparks Memecoin Frenzy With Dog Picture: Four.Meme Starts Token Betting Event
Binance founder Changpeng Zhao, also known as “CZ,” has taken the crypto market by storm after sharing his dog’s name and picture. The announcement sparked the launch of multiple tokens inspired by the pet and was further fueled by BNB Chain’s memecoin launchpad’s name-guessing contest. Related Reading CZ Sparks Memecoin Frenzy On Wednesday, Changpeng Zhao acknowledged the cycle’s memecoin frenzy after an X user asked if he had a dog. The Binance founder revealed he had “not a Shiba Inu, but a Belgian Malinois,” which resulted in the crypto community asking for the name and picture of his dog. CZ inquired about how it would work if he shared the information, asking if people would create memecoins based on the dog, how investors would know which one is the “official” token, and if it even mattered. He joked he would mull whether to “respect his privacy, or dox the dog for the cause,” sparking massive speculation about an official memecoin launch. On Thursday, CZ shared on X that he would officially share his dog’s picture and name at 8:00 PM Dubai time, or 4:00 PM UTC, sending investors into a frenzy over the upcoming post. Community members launched several tokens with the possible names of CZ’s four-legged companion, some reaching up to $60 million in market capitalization. Arkham noted that the two frontrunner tokens on the BNB chain, BROWNIE, and PERRY, significantly surged on Thursday morning. Remarkably, an investor made over $1 million with less than a $12,000 initial in 12 hours. Four.Meme Kicks-Off Token Event BNB Chain’s token launchpad, Four.Meme joined the frenzy, announcing a “CZ Dog Name Meme Token Betting Event.” According to the X post, the tokens with the same then-unknown name of CZ’s dog would be part of a competition. The tokens created today before 4:00 PM UTC would be eligible to participate and “become the next big meme.” The announcement detailed: 30 minutes after CZ’s post, the highest market cap token on Four.Meme wins! The winner’s token will have its tokens in LP revenue regularly burned by Four.Meme! At 4:12 UTC, the Binance founder shared a picture with his dog, Broccoli. The dog was named after the vegetable because he wanted “a name that started with B and has some green in it.” CZ wrote that he and Broccoli bonded over their difficulty socializing, adding that the dog helped him get a “good break” from the “intense negotiations with the DOJ back then.” He also stated that he never imagined his pet would be part of the blockchain ecosystem, adding that there’s “never a dull day in crypto.” CZ shares the first picture with Broccoli. source: CZ on X Broccoli Immortalized In The Blockchain CZ clarified that he was “just posting” his dog’s pictures and name and not issuing a memecoin himself. He considered it was up to the community whether to launch a token. The BNB foundation “may provide rewards for the top memes on the BNB Chain, giving LP support or other rewards,” but the details are still being discussed. After the “Pet reveal,” the tokens guessing Broccoli’s name plummeted, with the leading memecoin falling from a $22 million market cap to less than $1 million in less than a minute. Related Reading Meanwhile, the creation of memecoins inspired by CZ pet’s real name spiked, with several BNB Chain and Solana-based tokens flooding DexScreener’s feed. At the time of writing, CZ’s Dog (BROCCOLI), launched a minute after Zhao’s post, has become the largest gainer. The memecoin reached a $300 million market capitalization minutes after being created and is currently trading at $0.0745, with a $75 million market cap. The winning token of the Four.Meme contest is yet to be announced. BNB’s performance in the one-week chart. Source: BNBUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com Source link