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 drop, BNB has shown resilience, up 11% in the past week and 41% in the past month.
Trading activity has also increased. BNB’s 24-hour spot volume jumped 50.2% to $8.94 billion. Derivatives markets saw similar growth, with open interest rising 29.8% to $2.42 billion and futures volume soaring 98.5% to $11.63 billion. This suggests traders are regaining confidence and re-entering positions.
Binance founder Changpeng Zhao, known as CZ, addressed rumors about BNB’s recovery. He clarified on X 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, noting its 10% decline compared to other altcoins’ 15% to 50% drops.
Technically, BNB’s chart shows a V-shaped recovery. It’s 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.Key support lies between $1,100 and $1,150.
