$1000 looms next for BNB holders

BNB gained 2.6 percent over 24 hours before the price correction occurred. The token broke above the $800 to $810 resistance zone earlier in the trading session.

CryptoQuant analyst CryptoOnchain identified the $800 to $810 zone as a critical support area after the breakout. The analyst noted that BNB entered price discovery mode above this level.

Daily trading volume for BNB dropped 19 percent to $1.9 billion compared to the previous day. Volume declined while the token reached its all-time high price.

On-chain data shows all major holder groups currently hold BNB tokens at profitable prices. Short-term traders, long-term investors, and institutional holders show unrealized gains on their positions.

BitBull analyst stated that the former resistance zone now acts as support for future price movements. The analyst mentioned $1,000 as a price level within reach if current patterns continue.

Technical indicators show BNB’s 50-day simple moving average sits at $779. Analysts identified $861 as a short-term support level and $838 as additional support below current prices.

China Renaissance, a Hong Kong-based company, announced purchases of BNB tokens for its corporate treasury. The company did not disclose the amount or timing of its purchases.

BNB operates as the native token for Binance exchange and BNB Chain blockchain. Token holders receive trading fee discounts and can participate in new token launches on the platform.

The token offers staking rewards for holders who lock their tokens on the network. BNB also powers transaction fees for smart contracts and decentralized applications on BNB Chain.