- The price of BNB tapped a new record high at $962.29 as institutional support fuels its ecosystem.
- An analyst eyes a $1,500 peak, but warns that the road to it will be shaky.
BNB logged a new all-time high this Wednesday at $962.29. This represents the third consecutive month where it has broken the price barrier.
As of 8:45 AM UTC, the price of BNB has slightly pulled back to $953. Meanwhile, its trading volume has gone up by over 39% as it moved $3.36 billion of its supply across the market. The token currently has a market cap of $132 billion out of its 139.18 million circulating supply, making it the fifth-largest cryptocurrency based on equity value today.
Institutional Demand for BNB Continues to Rise
Despite the Crypto Fear & Greed Index treading indecisively at the “Neutral” zone of 53, BNB is experiencing a strong momentum as it continues to gain significant institutional attention. One of the latest developments that fueled its rally was Binance’s partnership with Franklin Templeton.
Binance announced its link-up with one of the world’s leading asset managers with $1.6 trillion assets under management (AUM) on September 10. According to the world’s top crypto exchange, the collaboration aims to leverage the financial institution’s extensive experience in compliant tokenization and the trading platform’s highly efficient, transparent, and accessible infrastructure tailored for capital markets.
The parties envision their strategic partnership to accelerate the fusion of traditional finance (TradFi) and decentralized finance (DeFi), while exponentially speeding up the adoption of blockchain technology. They particularly expect their efforts to unlock new investment opportunities while introducing scalable and reliable solutions for investors.
The event comes hot on the heels of the integration of emerging digital asset treasuries (DATs) of BNB. Leading the charge is B Strategy, an investment firm focused on digital assets. The company unveiled its plan to raise $1 billion for the accumulation of BNB via a US-listed vehicle at the end of August. The move came with Yzi Labs’s support (formerly Binance Labs).
These updates underscore the growing stamp of approval of various institutions to both blockchain and crypto to supercharge their treasuries and operations.
BNB Price to $1,500
A technical pattern in the one-week chart suggests BNB has more fuel left this year for further pumps. The Fibonacci retracement, a technical analysis tool analysts use to identify potential support and resistance levels within a price trend, indicates it could be due to a climb to $1,118, with a $1,500 top possible based on the forecast of CoinFutura Media at CoinMarketCap.
However, this comes with a caveat that the token’s failure to maintain its key support at this point could risk its value revisiting the $921 mark with a probable drop to $647 if it continues to lose footing. Furthermore, BNB’s soaring Relative Strength Index (RSI) in the 14-day range at 70 warns it could be overbought and due for correction, but the bullish divergence in the Moving Average Convergence Divergence (MACD) trendlines could reinforce its momentum in the short run.
Disclaimer: The facts compiled within this article are only for informational purposes. They do not serve as financial advice or product recommendations from the author or the Blockzeit team. Readers should not base their trades or investment decisions solely on this limited data.
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