Essential factors

• Binance’s BNB has risen 11% up to now 24 hours, hitting a brand new all-time excessive of $1,370.
• The cryptocurrency alternate paid $283 million in compensation to customers affected by the depegging of three property on its platform.

BNB achieves new ATH whereas Binance receives criticism

BNB, the native coin of the Binance ecosystem, continues its robust efficiency, hitting a brand new all-time excessive earlier in the present day. The coin reached $1,370 early Monday morning, setting a brand new all-time excessive within the course of and pushing its market cap to $187 billion.

The third-largest cryptocurrency by market capitalization briefly fell to help at $1,077 on Friday as the whole crypto market recorded large losses. Nonetheless, it has since rebounded and is presently buying and selling above $1,300.

This rise additionally comes as Binance faces criticism from merchants throughout the crypto neighborhood. On Friday, merchants recorded large losses as Binance unpinned three Binance Earn property.

Depegging occurred on three Binance Earn markets: Ethena’s stablecoin USDe, Solana liquid staking token BNSOL issued by Binance, and Wrapped Beacon liquid staking token WBETH.

Nonetheless, Binance introduced that it has paid $283 million in compensation to affected customers. Moreover, we coated customers with confirmed losses attributable to inner transfers/earned redemptions.

If the rally continues, BNB might attain $1,500

Whereas the whole cryptocurrency market is recovering, BNB has additionally hit a brand new all-time excessive. The 4-hour chart of BNB/USD is bullish and environment friendly because of BNB’s rise over the previous 24 hours.

Momentum indicators stay very bullish, suggesting that BNB might transfer increased within the brief time period. The RSI of 63 signifies that patrons are in management and if the bullish bias continues, it might push BNB into overbought territory. The MACD line can also be inside constructive territory, indicating a bullish bias.

If the rally continues, BNB might soar in the direction of a excessive of $1,500 within the coming days and weeks. Nonetheless, if BNB undergoes a correction, it might fall within the coming hours or days and retest the weekend low of $1,077.