As the market has stabilized since last week’s revision, BNB is trying to retain key areas where it can set the stage for the rally, with some analysts suggesting that the next leg may be round the corner.
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With Kazakhstan’s adoption, BNB will be $1,000
Nearly two weeks after it first surpassed the $1,000 milestone, BNB is trying to hold this key area as support, following its recent market pullback. Cryptocurrency recorded a massive few months of rally this quarter, surged 54% since its opening in July.
Over the past month, cryptocurrencies have risen 16% from their lowest prices that started in September, turning the key $800 to $900 zone into support before surges towards its latest all-time high of $1,083 at $1,083 nine days ago.
Nonetheless, Altcoin’s massive run stopped during the pullback at the end of the month. This has resulted in most cryptocurrencies, including Ethereum (ETH) and Solana (SOL), hitting multi-week lows. BNB fell more than 10% from last week’s high, losing its significant $1,000 breakout level on Friday.
During the pullback, Altcoin retested the $930 level as support, bouncing off this level over the weekend, regaining a critical barrier yesterday morning. The recent price surge was driven by the announcement of investments in Altcoin in Kazakhstan.
Kazakhstan on Monday announced the launch of the Alem Crypto Fund, the first cryptocurrency protected area aimed at long-term investments in digital assets. According to the statement, Binance Kazakhstan is the fund’s strategic partner and was established by the Ministry of Artificial Intelligence and Digital Development of the Republic of Kazakhstan.
As part of the partnership, the Alem Crypto Fund made BNB the first investment. Nurkhat Kushimov, general manager of Binance Kazakhstan, said, “The selection of the fund’s BNB as a first digital asset highlights trust in the Binance ecosystem and marks a new chapter for the institutional recognition of Kazakhstan’s cryptocurrency.”
Continuing price discovery for the fourth quarter?
It is worth noting that we saw strong performance as the BNB chain ecosystem also delivers strong performance, and that multiple projects are built on the network in terms of profitability. As reported by NewsBTC, the BNB Chain Project led the top 10 early DEX products (IDOS) list of Binance Wallet with historic returns of up to 2,000 times, while the BSC Project led the top 5 Alpha Trading Volume Rankings.
Marketwatcher Dern Crypto Trade suggested that neither the BNB nor the BSC-related token rally are over yet.
Analyst Ali Martinez asserts that the tokens “still have many feet,” suggesting that by keeping this level, you can target new highs. Analysts previously said BNB prices are targeting the $1,200-$1,300 area as part of a bullish breakout from the macro range.
By supporting your current territory in a higher time frame, you can set a stage for continuing price discovery with 20%-30% drives over the next few months. On the contrary, a refusal from this level allowed us to retest the area with prices between $900 and $930 again.
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Similarly, Altcoin Sherpa argued that cryptocurrency is “the most powerful major ever recovering from dumps,” adding that another rally could be held later that year.
At the time of writing, BNB is trading at $1,002, down 1.3% in its daily time frame.
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