BNB surpasses previous high: Could a new goal of $1,000 be achievable after hitting an all-time high?
Binance, the world's largest cryptocurrency exchange, is currently in negotiations with the US Department of Justice to potentially end the three-year independent monitoring (Compliance Community) agreed upon in a 2023 legal settlement earlier than expected. The Justice Department is still assessing the status of this monitoring, but they anticipate that Binance will continue to implement compliance measures.
The BNB token, Binance's native cryptocurrency, has been on a steady upward trajectory since June, displaying a clear pattern of higher highs and higher lows. At the time of writing, BNB was trading near $950, recording a 3% gain in the past 24 hours and an 8% increase over the last week.
The funding rate for BNB futures remains low at 0.0058, suggesting that long positions are not being heavily financed with leverage. This low rate also means that traders are not paying high costs to maintain their long positions.
Open interest (OI) for Binance Coin (BNB) futures is currently around 1.15 million coins, reflecting growing interest and positioning in BNB's derivatives market. The rise in OI is common during breakouts in trending markets, but it can also increase risk if positions become crowded.
Recent movement in BNB may be tied to news that Binance is nearing the end of its compliance monitoring period with the US Department of Justice. If Binance exits this phase, it would ease pressure on the exchange.
Binance Coin (BNB) has moved above a long-term resistance, a downward channel that had been in place since late 2024. This breakout was followed by a retest of the $600-$700 zone, which is now holding as support.
The MACD on the daily chart shows the MACD line above the signal line and the zero line, indicating strong momentum. The histogram on the daily chart is green, with no immediate signs of weakness. However, the Stochastic RSI on the daily chart is above 80, indicating that BNB is in overbought territory, which may suggest a brief pause or sideways movement in the near term.
A short-term target for BNB has been mentioned as $1,000 and $1,082 by Rose Premium Signals. Changpeng Zhao, Binance's ex-CEO, recently updated some links on his X profile, leading to speculations about a potential active return to the company, but nothing has been made official yet.
For website readers, there is a limited offer to register a new account on Binance and receive a $600 exclusive welcome offer. Additionally, there is an opportunity to register and open a $500 FREE position on any coin on Bybit.
As always, it's essential to conduct thorough research and consider your risk tolerance before making any investment decisions.
