Binance Coin has risen 3.3% in the past 24 hours to trade at $1,126, outperforming broader crypto markets after US President Donald Trump issued an executive order pardoning Changpeng Zhao, the co-founder and former CEO of Binance.
In November 2023, Zhao pleaded guilty to violating the Bank Secrecy Act and agreed to resign from the exchange he founded. An attempt to jail him for three years sparked criticism in the crypto industry, and Zhao ultimately served four months.
White House press secretary Caroline Leavitt described the prosecution under President Biden as a "war on cryptocurrency" in a statement.
“We believe CZ’s pardon will be a game-changer not only for him personally, but also for BNB and potentially Binance, paving the way for greater access to the US market,” said David Namdar, CEO of CEA Industries, the largest publicly traded BNB treasury company.
“In our view, BNB’s fundamentals have never looked better: a massive global user base, deep real-world adoption, and ongoing utility in both DeFi and CeFi,” he added.
BNB's rise was driven by a sharp increase in trading volume, which, according to CoinDesk Research's technical analysis model, exceeded its seven-day average by nearly 35%. During the rally, the token's price rose from $1,085.96 to $1,130.25 before encountering resistance in the $1,140-$1,143 range. Market data suggests that the buying pressure was driven more by accumulation than short-term speculation.
Technically, the token appears to be consolidating. Short-term resistance at $1,128 capped several intraday rallies, while support at $1,124 held despite multiple tests.
Traders are watching to see if BNB can rally higher to $1150 or if a failure at current levels will send it back to $1078.
Source: Сrypto Orda