- Binance shuts 600 wallets for bot misuse, triggering brief market volatility.
- BNB rebounds to $1,120, showing resilience after a sharp intraday dip.
- Bulls target a breakout above $1,350 to confirm a rally toward $1,500.
The crypto market buzzed on Sunday after Binance Wallet shut down 600 user accounts. The move came as a crackdown on traders accused of using bots on Binance Alpha, a token discovery platform. Following the announcement, Binance Coin — BNB, dropped sharply to $1,070 before recovering above $1,120. With traders now watching the charts closely, the question remains — can BNB reclaim bullish momentum and target $1,500 soon?
Binance Targets Fraudulent Bot Trading
Binance Wallet, the custody branch of the global exchange, revealed the account closures via X. The affected users reportedly used automated trading tools during the recent volatile market conditions. Binance stressed that these actions breached platform rules and threatened market fairness. To encourage community oversight, Binance offered a reward of up to 50% of recovered funds from any reported fraudulent wallet. This initiative may strengthen user confidence and improve market integrity following last week’s turmoil.
The announcement briefly rattled investors as BNB’s price fell more than 5% within an hour. However, the rebound to $1,120 reflected renewed optimism across the broader market. Solana, XRP, and Tron also posted mild gains between 2% and 3%. The timing of Binance’s crackdown came shortly after a $1.2 billion liquidation event that shook the altcoin market on Friday. As weekend trading stabilized, BNB mirrored the overall recovery trend, aligning with other large-cap cryptocurrencies.
Can BNB Break the $1,350 Resistance?
Technically, BNB remains in a recovery phase, testing critical resistance near $1,350. The chart shows two failed attempts at $1,358 and $1,375 earlier in October. These levels now form a possible triple-top pattern that traders are monitoring. The Bollinger Bands highlight mid-level support around $1,167, while the upper band caps price near $1,347. This suggests that a close above $1,360 could trigger a bullish breakout toward $1,500.
The MACD indicator supports this scenario, showing early signs of a bullish crossover. The Parabolic SAR dots also trail below current price levels, hinting that buyers still control the short-term trend.However, volatility remains high after last week’s flash crash, as shown by widened Bollinger channels. Any failure to hold $1,060 support could reverse gains and expose the $950 zone. Despite the mixed signals, the broader sentiment looks constructive.
Binance’s anti-bot measures appear to have stabilized investor confidence, which may help sustain upward pressure. If bulls manage to push above $1,350 with strong volume, a rally toward $1,500 becomes realistic. Until then, traders remain cautious, watching for confirmation from momentum indicators and volume trends. BNB’s path ahead depends on whether the crackdown strengthens trust or sparks caution.
