The BNB coin reached a historic high last week, hitting $720 before dropping to $616. The Relative Strength Index (RSI) was at 47.31, signaling selling pressure. Despite the decline, BNB’s market cap peaked at over $109 billion, settling at $91 billion. Trading volume surged by nearly 99%, reaching $3.61 billion.
Binance Coin’s success continued as CEO Richard Teng announced a user base surpassing 200 million, solidifying Binance’s position as the top crypto exchange. However, founder Changpeng Zhao’s four-month prison sentence in the U.S. for money laundering oversight failures highlighted regulatory challenges faced by major exchanges.
Looking ahead, if BNB remains above $600 and continues to rise, it could face resistance at $669, followed by $780 and $898 levels. Conversely, failing to break the $670 resistance could lead to support at $565 and $479, potentially dropping to $349.
In other news, Alameda Research transferred $12 million in crypto amid FTX creditor pushback.