BNB is close to 1,000 USD, is the prospect of a resurgence approaching?

BNB, previously known as Binance Coin, has bounced back slightly and stabilized around the 1,000 USD level on Tuesday afternoon, following a 5.2% fall in the previous session. Notably, institutional inflows are trending upwards, opening up opportunities for investors still on the sidelines to consider joining in the zone of 900 – 948 USD. Earlier, the BNB bulls seemed ready to initiate a new breakout, with ambitions to conquer unprecedented high milestones.

The demand for organization regarding BNB is increasing

CEO of CEA Industries (Nasdaq: BNC), Mr. David Namdar, sent a letter to shareholders on Sunday, revealing that the company has filed an S-3 to raise 500 million USD in common equity through PIPE, along with up to 750 million USD from a warrant transaction, with the goal of expanding its BNB holdings.

Namdar compares this strategic wallet to the bold move of MicroStrategy (MSTR) when it invested early in Bitcoin, while highlighting the ambition to make BNC one of the leading public companies in accessing BNB.

Just one day later, on Monday, BNC announced that the Board of Directors had approved a share buyback program worth up to 250 million USD.

"This buyback program reflects our confidence in the long-term value of CEA Industries, as well as our belief in the potential of BNB, as this token is trading close to its all-time high," Namdar affirmed.

These moves indicate a positive long-term outlook for BNB, as they both enhance accessibility and increase liquidity and market acceptance.

Derivative data supports the upward trend

In the derivatives market, the signals are leaning towards an optimistic scenario. According to the OI-Weighted Funding Rate data from Coinglass, the number of traders betting on a bearish BNB scenario is currently lower than the group expecting a bullish trend.

This indicator turned positive on Monday and continued to reach 0.0062% on Tuesday, indicating that the buyers (Long) are paying fees to the sellers (Short). Historical statistics show that whenever the funding rate reverses from negative to positive, BNB usually experiences strong breakouts.

Funding rate chart of BNB | Source: CoinglassAt the same time, Coinglass data also indicates that open interest (OI) for BNB futures contracts on exchanges reached a new historical peak of 2.40 billion USD on Sunday, before maintaining around 1.97 billion USD on Tuesday. An increase in OI means that new capital continues to flow into the market, further reinforcing the bullish outlook for BNB.

Open contract (OI) futures contract BNB | Source: Coinglass ## BNB price forecast: Will it conquer a new peak?

BNB just set a new all-time high at 1,083.47 USD on Sunday, but the excitement quickly cooled as the coin lost 5.2% in just the following day. As of Tuesday afternoon, the price of BNB remains balanced around the psychological level of 1,000 USD.

For investors looking for accumulation points, the zone of 900.71 – 948.45 USD is considered a notable opportunity. This is both a daily support level and coincides with the 61.8% Fibonacci retracement level calculated from the bottom of 730.01 USD on 03/80 ( to the peak of 1,083.47 USD.

If the uptrend is maintained, BNB has the potential to challenge the old peak of 1,083 USD again. A convincing close above this zone will open up the prospect of a breakout, with the next target at 1,229.80 USD – the 141.4% Fibonacci extension.

![])https://img-cdn.gateio.im/webp-social/moments-440834273055c3e77d02ec029467b254.webp(Daily BNB/USDT Chart | Source: TradingViewThe current technical signals are also supporting the bulls: the daily RSI is at 65 and approaching the overbought zone, reflecting strong buying pressure. At the same time, the MACD has formed a bullish crossover since September 10 and has maintained its effectiveness, reinforcing the scenario of prices continuing to rise.

On the contrary, if BNB falls below the support of 900.71 USD, selling pressure may pull the price down to the weekly support zone at 844 USD.

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