BNB price made an impressive comeback on Monday, October 13, rebounding 16% over the past 24 hours to trade around $1,309 at press time.
Summary
- BNB price surged 16% to $1,309, leading the recovery from the October 10 market crash.
- CZ refuted claims by Binance or its affiliates supporting the token.
- Rising spot and futures volumes suggest growing trader confidence.
The rally follows one of the largest market flash crashes in recent history, during which the total crypto market cap fell by more than $500 billion in a single day. Despite this decline, BNB has held up better than many of the top altcoins, now up 11% over the past week and 41% over the past month.
With confidence restored, business activity boomed. The 24-hour spot volume of BNB (BNB) increased by 50.2% to $8.94 billion. Similar dynamics have been observed in derivatives markets. Data from CoinGlass shows that open interest increased 29.8% to $2.42 billion and futures volume increased 98.5% to $11.63 billion.
The increase in open interest alongside volume suggests traders are re-entering positions rather than simply exiting short-term bets, a bullish sign that the market is regaining confidence.
CZ Addresses BNB Price Rebound Amid Speculation
As speculation swirled about potential intervention behind BNB’s rapid recovery, Binance founder Changpeng Zhao clarified on X that neither he nor any affiliated entities had participated in the recent trading activities.
“Many projects have a market maker. BNB does not,” CZ wrote. “To my knowledge, none of my affiliated entities have purchased or sold BNB in the past few days or weeks. »
He emphasized that BNB’s strength comes from its builders, its community and its deflationary tokennomics rather than artificial support. CZ’s statement follows rumors that Binance may have intervened to stabilize the market after the October 10 crash, which wiped out nearly $19 billion in leveraged positions.
Analysts and traders have praised BNB for its resilience following the incident, with one analyst calling it a “flight to safety” token. BNB’s decline was only around 10% before quickly recovering, compared to other popular altcoins which saw declines of 15% to 50%.
Technical analysis of BNB price
After the weekend crash, BNB’s chart shows a strong V-shaped recovery, and the token is currently trading well above its Bollinger Band median support at $1,124. There is still potential for a push higher, as indicated by the Relative Strength Index at 65, which shows increasing bullish momentum but no overbought conditions yet.
BNB could retest its upper Bollinger band around $1,370, which also acts as immediate resistance, if buying pressure continues. Its broader uptrend, which began in late August, could continue if there is a break above this level, which would open the way towards $1,450-$1,500.
On the downside, key support lies between $1,100 and $1,150, where bulls are likely to defend against another correction.
