Is the BNB Price Poised for a New All-Time High After Testing $1,000?

BNB has recently revisited the critical $1,000 support level as buyers stepped in during a recent price dip, spurred by promising developments surrounding the token. The question now is whether it can achieve a new all-time high while continuing to trade within a bullish pattern on its daily chart.

Key Takeaways

BNB surged to a peak of $1,079 on September 21, before experiencing a price drop to $975.
Recent data shows BNB gaining back above $1,000, indicating renewed bullish sentiment among investors.
There is strong demand for BNB in the futures market, with open interest up to $1.89 billion.
Technical indicators suggest potential for further price increases, with a breakout above $1,079 aiming for $1,120.
Macro-economic indicators may influence BNB's price action in the near term.

Is the BNB price ready for a new ATH after $1,000 retest? - 1

Recent Price Movements and Investor Sentiment

As reported by crypto.news, BNB BNB bnb0.1% reached a record high of $1,079 on September 21, but faced selling pressures that brought its price down to $975. Although bulls temporarily pushed the price back above the $1,000 mark on September 23, liquidation across the broader market caused it to drop again.

Currently, sentiment appears to be shifting positively as BNB has climbed back above the $1,000 level once more.

Looking into the futures market, data indicates robust demand for the altcoin. Specifically, BNB's open interest (OI) has increased by 3% over the past day, reaching $1.89 billion at publication time. The weighted funding rate has turned positive, signifying that long traders are compensating shorts, implying a growing expectation for further upward movement.

The CoinGlass liquidation heatmap shows a concentration of short liquidations (indicated by yellow bands) near $1,050, just above the current trading level, while below this price, the liquidation heat appears comparatively sparse.

BNB liquidation heatmap. BNB liquidation heatmap | Source: CoinGlass

The dynamics between buyers and sellers suggest a possible short squeeze, which could amplify gains if BNB manages to rise further into that area.

Technical Analysis and Bullish Patterns

Analyzing BNB's daily chart reveals that it has been trading within an ascending parallel channel, a widely recognized bullish continuation pattern since June. In technical analysis, it is widely understood that an asset's price can continue to rise as long as it remains within this pattern.

BNB price trades within a bullish continuation pattern on the daily chart — Sep. 30 | Source: crypto.news

Additionally, BNB has exceeded both the 50-day and 200-day simple moving averages (SMAs), forming a bullish cross pattern that signals both short-term and long-term optimism for the token.

Momentum indicators like the MACD and RSI further reinforce a bullish outlook. The MACD is on the verge of a positive crossover with the signal line, while the RSI stands at 61.7, indicating there’s room for additional gains before hitting overbought levels.

BNB MACD and RSI chart. BNB MACD and RSI chart — Sep. 30 | Source: crypto.news

Should the bullish momentum persist, a breakout above the previous all-time high of $1,079 could set the path for BNB to reach a new high of around $1,120, which is nearly 10% higher than the current price. Conversely, a dip below $960, which coincides with the 78.6% Fibonacci retracement level, would invalidate this price forecast.

Factors That Could Drive BNB Prices Higher

BNB's recent surge to an all-time high was bolstered by the rapid growth of BNB Chain's decentralized finance (DeFi) ecosystem, particularly driven by protocols like Aster. Additionally, BNB is gaining attention as a treasury asset alongside other cryptocurrencies such as Solana, XRP, and Ethereum.

Recently, Jiuzi Holdings from China unveiled a $1 billion crypto treasury plan that prominently includes BNB alongside Bitcoin and Ethereum.

A significant development in institutional adoption comes from Kazakhstan, which launched a state-backed crypto reserve called the Alem Crypto Fund in collaboration with Binance, marking BNB as the first asset in its portfolio. This move reflects a growing institutional trust in BNB and is managed by Qazaqstan Venture Group, supported by the country's Ministry of Artificial Intelligence and Digital Development.

Collectively, these developments have substantially boosted trader sentiment and renewed institutional interest in BNB.

However, price movements may be cautious in the short term as the broader crypto market awaits critical US economic data for the week, including job openings, the ISM Manufacturing Index, weekly jobless claims, and the unemployment rate.

Once clarity emerges from these macro indicators, BNB could be ideally positioned for a significant upward movement, particularly if it can break past the $1,079 mark with strong trading volume.