BNB Eyes New Highs As Price Reclaims $1,000 – Is A 30% Rally Coming?

As the market stabilizes from last week’s correction, BNB is attempting to hold a crucial area that could set the stage for a rally, leading some analysts to suggest that the next leg up could be around the ￰0￱ Reading: Ethereum Ready For Round 2? Analyst Forecasts Early October Rally Amid $4,200 Retest Kazakhstan Adoption Pushes BNB To $1,000 Nearly two weeks after breaking above the $1,000 milestone for the first time, BNB is attempting to hold this key area as support following the recent market ￰1￱ cryptocurrency has recorded a massive multi-month rally this quarter, surging 54% since the July ￰2￱ the past month, the cryptocurrency has climbed 16% from the start-of-September lows, turning the crucial $800-$900 zone into support before surging toward its latest all-time high (ATH) of $1,083 nine days ago.

Nonetheless, the altcoin’s massive run was halted during the end-of-month pullback, which saw most cryptocurrencies, including Ethereum (ETH) and Solana (SOL), hit multi-week ￰3￱ dropped over 10% from last week’s high, losing the critical $1,000 breakout level on ￰4￱ the pullback, the altcoin retested the $930 level as support, bouncing off this level over the weekend and reclaiming the crucial barrier yesterday ￰5￱ recent price surge was driven by Kazakhstan’s announcement of its investment in the ￰6￱ Monday, Kazakhstan announced the launch of its first crypto reserve, the Alem Crypto Fund, aimed at long-term investment in digital ￰7￱ to the statement, Binance Kazakhstan is the strategic partner of the fund, which was established by the Ministry of Artificial Intelligence and Digital Development of the Republic of ￰8￱ part of the partnership, Alem Crypto Fund made BNB its first ￰9￱ Kushimov, General Manager of Binance Kazakhstan, stated that “The fund’s choice of BNB as its first digital asset highlights the trust in the Binance ecosystem and marks a new chapter for institutional recognition of cryptocurrencies in Kazakhstan.” Price Discovery Continuation In Q4?

It’s worth noting that the BNB Chain ecosystem also saw a strong performance, with multiple projects built on the network leading in terms of ￰10￱ reported by NewsBTC, BNB Chain projects led Binance Wallet’s top ten Initial DEX Offerings (IDOs) list with up to 2,000x historical returns, while BSC projects led the top five Alpha trading volume ￰11￱ watcher Daan Crypto Trades suggested that neither BNB nor BSC-related tokens’ rally is over yet, as the “market is eager for a narrative or chain to gamble on.” Analyst Ali Martinez affirmed that the token “still has many legs up,” suggesting that successfully holding this level could target new ￰12￱ analyst previously stated that BNB’s price targets the $1,200-$1,300 area as part of its bullish breakout from its macro ￰13￱ the current area into support in the higher timeframes could set the stage for a price discovery continuation with a 20%-30% run in the coming ￰14￱ the contrary, a rejection from this level could see the price retest the $900-$930 area ￰15￱ Reading: The Bitcoin Long: Bybit Traders Push BTC Taker Buy/Sell Ratio Above 24 Similarly, Altcoin Sherpa asserted that the cryptocurrency “has been the strongest major to recover so far from the dump,” adding that another rally later in the year is ￰16￱ of this writing, BNB is trading at $1,002, a 1.3% decline in the daily ￰17￱ Image from Unsplash.

com, Chart from ￰18￱