BNB Surges 16% Amid CZ’s Bold Market Denial: What’s Next?

BNB Price Soars 16% After Market Crash

BNB price made a strong comeback on Monday, Oct. 13, rising 16% to $1,309.This surge comes after a sharp market crash on Oct. 10, where the crypto market lost over $500 billion in a single day.

Despite the crash, BNB has performed better than most top altcoins.It’s up 11% in the past week and 41% in the past month. This resilience has restored trader confidence, leading to a surge in trading activity.

BNB’s 24-hour spot volume jumped 50.2% to $8.94 billion. In the derivatives market, open interest rose 29.8% to $2.42 billion, and futures volume increased 98.5% to $11.63 billion. These numbers suggest traders are re-entering positions, a positive sign for the market.

Amid speculation about BNB’s recovery, Binance founder Changpeng Zhao clarified on X.He stated that neither he nor any affiliated entities had participated in recent trading. “BNB’s strength comes from its builders, community, and deflationary tokenomics,” he said.

Analysts praised BNB’s resilience. One called it a “flight-to-safety” token. BNB’s decline was only about 10%, compared to other altcoins that saw drops of 15% to 50%.

Technically, BNB’s chart shows a strong V-shaped recovery. It’s currently trading above its mid-Bollinger Band support at $1,124. The relative strength index at 65 indicates bullish momentum. If buying pressure continues, BNB may retest its upper Bollinger Band around $1,370.

On the downside, key support lies between $1,100 and $1,150. Bulls are likely to defend against another correction here.