BNB is defying broader market uncertainties with its recent rally to a new all-time high, and analysis suggests it is part of a Binance supercycle.
Binance Coin (BNB), the utility token of the BNB Chain, is making waves, while others struggle. A few days after the broader cryptocurrency market recorded a bloody leveraged wipeout worth nearly $20 billion, the token is marking historical highs.
On Monday, it rallied to a new all-time high of $1,375, surpassing the earlier record high of $1,350 reached on October 7. It also remains the only asset in the top 20 ranking by market cap to close bullish last week, recording an 11.6% price increase during the period.
BNB On An Obvious Uptrend
Top trader Big Wiz highlighted this astonishing BNB price action in his recent post. He emphasized that BNB has “swallowed” last week’s price crash like nothing happened and has gone on to make newer highs.
Notably, an accompanying chart further elaborates BNB’s price action as its parabolic expansion course intensifies. It shows a new high followed by a healthy correction, which suggests a clear uptrend pattern.
After BNB rallied to $861 in July, it corrected 15.2% to a low of $730 before resuming its northward push. Another correction followed immediately after $1,083, taking the token back to $932, before BNB rallied to October 7’s high.
Meanwhile, BNB corrected from this high, joining the massive sell-off to $860, but has since recovered completely from that capsize. It swung to its current all-time high of $1,375 before the latest dip to $1,262.
Big Wiz claimed this bullish development suggested a Binance supercycle. While he did not provide further context, some believe this means it is the BNB season. However, others share the sentiment that Binance is pushing its token to new highs despite a broader market uncertainty. This remains highly speculative and is unconfirmed.
BNB Is Strong: CZ
Notably, former CEO Changpeng Zhao sees the entire situation from a standpoint of strength. He has highlighted several times the strength of BNB and the broader ecosystem, noting that they have been committed to building.
CZ recently posted on this topic, noting that while many other projects have a market maker, BNB doesn’t. He tied the show of tenancy to the builders, the community, and the token’s deflationary quality.
He also added today that the FUD around BNB may be fueling this strength. The little BNB drop is sparking a hot debate in the crypto community, and CZ suggested it might be what is pushing more people to buy.
“I hope they keep on talking about us,” he added.
Meanwhile, top market analysts still believe BNB has more upside. EGRAG Crypto predicted that BNB would reach $2,000, as the cryptocurrency follows the trajectory of gold.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
