Market Analysis: Can BNB Reclaim $600 in 2023’s First Quarter?

Bulls in Action to Correct Binance Coin (BNB) Market
  1. The 1-day chart of BNB shows a bullish price movement
  2. BNB might be able to create a new all-time-high record 
  3. BNB may go all the way in reclaiming the $400 throne

BNB never fails to surprise its market investors, as its price today is nearing to reach the bullish price of $300 per crypto. Additionally, the market capitalization of BNB now amounts to almost $50 Billion. If this huge market cap continues to rise in the following weeks of the year, BNB might be able to create a new all-time-high record. 

Source: TradingView

As seen in the 1-day chart of BNB above, the price of the crypto continues to maintain its bullish trend. In detail, BNB was able to record a growth rate of over +40% from Dec 15, 2022, to Jan 16, 2023. Currently, BNB positions itself near the resistance level of $335.2. If the market continues to be in favor of the bulls, BNB may be able to break the psychological resistance of $335 and go all the way in reclaiming the $400 throne. 

Meanwhile, it is also worth noting that BNB, in the past week, was able to surge its price from $218 to $297. If BNB is able to create an all-mighty pump like that once again, the price of BNB can be seen to hit the skyrocketing price of $500 in no time or even beyond. 

As of the time of writing, BNB trades at a bullish price of $297.2 with a 24-hour trading volume of over $500 million. BNB remains one of the top 5 cryptos in the market. 

Source: CoinGecko

In other news, Binance and Huobi have worked together to stop a massive hack from laundering funds. In detail, a Harmony One hacker tried to launder funds through the leading crypto exchange Huobi Global.

Being the stand-up exchange that they are, Binance assisted Huobi and the team to once again freeze his accounts. By working together, the exchanges were able to recover 124 BTC. The tweet goes on to say how important it is for CeFi exchanges to help protect DeFi transactions.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.