- BNB price retested highs above $1,160 as the altcoin looks for third green daily candle.
- Changpeng Zhao’s pardon helped buoy bulls and has driven part of the BNB gains.
- A macro lift has Bitcoin above $115,000 and BNB eyeing a potential rebound to $1,300.
The uptick across the crypto market has seen the BNB price retest a critical price level around $1,160. Gains signal the potential for significant upward movement, particularly as analysts point to a big week ahead for risk assets.
With price hovering at $1,153 as of the time of writing, bulls’ flirtation with the pivotal supply zone remains critical.
BNB price retests key supply zone
BNB’s price action over the past week has seen the token approach and briefly test the area above the $1,160 level.
This retest, occurring amid a broader market rebound, demonstrates robust buyer conviction. Binance coin has recorded two consecutive green daily closes and eyes a third.
Indeed, the 3% uptick in the past 24 hours has the exchange token holding onto a nearly 20% tick up over the past month.
The last time it traded above $1,160 was in mid-October, which is when prices crashed from all-time highs above $1,370. BNB has broken higher amid an ascending channel pattern.
The Relative Strength Index has climbed from oversold territory below 40 to a neutral 54 on the daily chart. The RSI is around 65 on the 4-hour chart.
A divergence suggests diminishing selling pressure. This could give bulls more room to wiggle upwards before overbought conditions come into view.
In this case, a decisive close above $1,160 could validate a breakout.
Bulls will target the next resistance at $1,185 and $1,215, and success will bring the ATH above $1,300 into play. However, failure to hold off bears at $1,150 might see a pullback to $1,100 and then $1,080.
What next for BNB amid CZ pardon
The horizon for BNB is considerably brighter with a recent development in mind.
In particular, President Donald Trump’s pardon of Binance founder Changpeng “CZ” Zhao not only invigorated BNB but the broader crypto market.
Zhao served a four-month sentence in 2024, having stepped down as Binance CEO and convicted of violations of anti-money-laundering guidelines as tied to Binance’s operations.
BNB surged immediately after Trump’s pardon. But the bigger question is whether Zhao’s pardon means he could return to the exchange behemoth.
Speculation is rife, but CZ is said to be more focused on YZi Labs and other initiatives.
The native token of the high-throughput BNB Chain has also benefited from fresh listings on platforms like Coinbase and Robinhood.
The retest of $1,160 could thus mark a key zone for both bulls and bears.
