BNB has shown a significant recovery after reaching a critical Fibonacci retracement level, signaling a potential stabilization in its price. This rebound follows a liquidity sweep that resulted in forced selling, but renewed demand has emerged in the market. The source reports that traders are optimistic about the future performance of BNB.
Formation of a Bullish Engulfing Candle
The recent price action has led to the formation of a bullish engulfing candle at a key support level, indicating that short-term buyers are starting to regain control. This technical pattern suggests a shift in market sentiment, which could pave the way for further gains.
Potential Resistance at 950
If the current upward momentum persists, BNB is likely to test the 950 resistance zone, an area that has historically seen substantial selling pressure.
Earlier today, BNB Chain completed its first token burn of 2026, a crucial step in its supply reduction strategy. This event contrasts with BNB's recent price recovery, highlighting the ongoing developments in the ecosystem. For more details, read more.
