The cryptocurrency market continues to face bearish headwinds, with Binance Coin (BNB) trading under pressure. Currently hovering around $652.76, BNB has declined 2% amid a broader market slump. Notably, Bitcoin has also slipped below the $100,000 mark, further fueling bearish sentiment.
Binance founder Changpeng “CZ” Zhao remains steadfast in his support fo1r BNB, urging investors to consider it a long-term hold. CZ recently highlighted that no investor has incurred losses by holding BNB or Bitcoin for over four years, emphasizing the coin’s historical strength while cautioning that past performance is no guarantee of future results.
I do not know anyone who lost money on bitcoin (or BNB) by holding for 4+ years.
— CZ 🔶 BNB (@cz_binance) January 22, 2025
(not that this guarantees anything about the future.)
Key Support Level Holds the Spotlight
BNB is retesting a critical support level at $661, which previously served as resistance. Historically, such retests indicate potential strength in price momentum. Should this level hold, BNB could attract renewed investor interest and align with bullish technical patterns.
One such formation is the textbook cup-and-handle pattern, a reliable signal of a bullish continuation. The cup represents a lengthy consolidation phase that began in 2021, while the handle reflects a minor pullback that completed in late 2024. If the support holds, traders could see a potential breakout with a forecasted target of $1,147, marking a 69.98% upside.
What Lies Ahead for BNB?
Failure to sustain above the $661 support level could invalidate the bullish outlook, pushing BNB toward a buy zone where renewed accumulation might occur. However, a successful breakout above this key threshold could reinforce CZ’s confidence in BNB’s long-term potential, positioning the coin for a rally toward its next resistance levels.
Also Read: Ripple (XRP) Price Forecast: Can Massive Binance Withdrawals Trigger a $4 XRP Rally?
With the broader crypto market in flux, Binance Coin’s ability to hold above critical support will be pivotal in determining its next trajectory. Investors remain cautious yet optimistic, eyeing both technical indicators and CZ’s reassurances as they navigate these turbulent waters.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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