Following discussions between Kanye West, a famous singer, and Changpeng Zhao, the former CEO of Binance, the price of Binance Coin (BNB) surged by 5%, adding $5 billion to its market value. Speculations of a new blockchain launch by West have been fueled by this conversation. Recently, Binance Coin has experienced significant fluctuations. After the Bybit exchange hack, Binance transferred 50,000 Ethereum (ETH) units to support users, reducing market fears and preventing systemic risks. Despite a sharp price drop on Friday, BNB faced a 5.35% growth. This increase followed West’s mention of launching a cryptocurrency project on Platform X. West’s cryptic messages caught Zhao’s attention, increasing rumors of their potential collaboration. In the released messages, West shared images of his private conversations discussing the creation of an independent blockchain instead of launching a meme coin. In one of these messages, it was suggested that the new project should use a structure similar to Cardano. Additionally, West only follows Zhao on X, further fueling speculations. Analysts predict that if talks between West and Zhao continue, BNB’s price could reach $700. Currently, this cryptocurrency is trading around $670. Technical analysis also indicates that if the resistance of the Bollinger Bands (BB) at $689.8 is broken, the price could reach $700. Moreover, the Delta and On-Balance Volume (OBV) indicators show strong buying pressure. However, if BNB fails to pass the $689.8 level, it may correct to $636.5. Overall, rising to $680 and maintaining it is crucial for the continuation of the upward trend, and losing this level could jeopardize the bullish scenario. You can follow the live prices of all tokens and cryptocurrencies on the real-time price page.
