- VanEck files for spot BNB ETF, boosting market optimism.
- BNB price holds $610 despite market volatility, volume surges 42%.
- BNB eyes $790 as technical patterns signal potential breakout.
On Tuesday, $115 billion asset manager VanEck filed for a BNB exchange-traded fund (ETF), the latest among its list of other crypto ETF filings.
BNB Price Shows Strength Amid Market Volatility
BNB continued to show market strength by holding firm at $610 even when facing broad market volatility. BNB demonstrated continuous price growth while Bitcoin and Ethereum experienced over 10% losses throughout March.
BNB trading volume jumped 42% beyond $2.12 billion after VanEck filed for a spot BNB exchange-traded fund (ETF). Investors are now optimistic because the volume has grown substantially and analysts are monitoring BNB’s potential rise to its previous maximum value of $790.
BNB Chain’s improved compatibility with Ethereum following the Pascal hard fork has contributed to the recent increase in BNB price. The BNB burn mechanism has contributed to decreasing the circulating supply of BNB. The burning of around 951.85 BNB tokens worth $571,747, contributing to a total burn value of nearly $160 million, as per data from BNBBurn during the past week served to enhance the token’s deflationary properties.
BNB Price Targets New Highs with Technical Patterns
BNB’s price structure shows a cup-and-handle pattern which suggests a possibility of upward movement. The price needs to first hit $662 to finish the pattern before it can advance toward its former all-time high of $790.
BNB maintains a position above its 50-day moving average which serves as a fundamental bullish momentum indicator. The chart’s ascending channel pattern indicates that prices will keep rising as long as buying pressure persists. The $662 resistance level needs to be surpassed to enable additional price gains.
Cryptocurrency experts predict that BNB will enter a market rally comparable to past upward trends if it surpasses the $662 resistance point after completing its handle formation. The growing interest in BNB options trading demonstrated by a 46% volume increase reinforces this analysis.
VanEck’s Spot BNB ETF Filing Sparks Market Optimism
On April 1 VanEck submitted a Delaware application for a spot BNB ETF to join its expanding collection of cryptocurrency ETF submissions. VanEck has recently filed a new application for BNB spot ETF after several previous requests for Bitcoin and Ethereum and Solana and Avalanche ETFs.
A spot BNB Exchange-Traded Fund that lists on markets can expand access for institutional investors thus potentially resulting in higher prices for BNB coin. The regulatory approval process for Bitcoin and Ethereum ETFs serves as a basis for potential future approval of BNB ETFs as industry observers anticipate this development.
The current market position of BNB shows stability at $603.The next few weeks will be crucial in determining whether the cryptocurrency can maintain its momentum and break through key resistance levels.
