Why Is BNB Price Rising? Key Technical Insights

The crypto market has witnessed significant movement, with Binance Coin (BNB) drawing attention after a notable weekend surge. This price increase has been linked to rumors surrounding a new memecoin, sparking widespread speculation. Despite official denials, investor interest in BNB remains high.

TST Memecoin Rumors and Changpeng Zhao’s Response

Social media was abuzz with claims that a new memecoin, TST, would become part of the Binance ecosystem. Many users speculated that this integration could drive BNB’s value even higher. However, Binance CEO Changpeng Zhao quickly addressed these rumors.

Taking to Twitter, Zhao clarified that the TST project has no affiliation with Binance or the BNB Chain team. He stated, “No official Binance team has created or endorsed TST. This project appears to be an independent community initiative.”

While his statement quelled some speculation, it did not prevent BNB’s price from climbing further. The growing buzz around the token continued to influence market dynamics throughout the weekend.

BNB Price Analysis: What Do Technical Indicators Say?

BNB was trading at $569 on Friday before surging to $648 by Sunday, marking a 13% gain. This sharp rise coincided with increased mentions of BNB on social media, reaching their highest level in the past 60 days, according to data from Santiment.

Technical indicators support this bullish trend. Analysts emphasize that holding above the $630 support level is crucial for sustaining momentum. Rising trading volume suggests strong buying pressure, and tools like VWAP and Keltner Channel indicate a continuation of the upward trajectory.

As investors assess their strategies, the volatility caused by memecoin rumors remains a focal point. The key question now is whether BNB’s price surge can sustain itself in the coming weeks.

For more expert insights on market trends, stay tuned to Dey There.