As the crypto market recovers, altcoins have picked up steam and many are making significant upward price movements. BNB Chain’s native token, BNB is one of the tokens that have gotten attention.
According to a crypto trader Ali on 13 October, the token looks ready to head towards $2,400, a new price level it hasn’t reached.
Ali’s chart shows that BNB has a clear way from the current level with no visible resistance up to the $2,400 mark.
Market manipulation alleged
BNB has demonstrated great strength prior to the market crash which affected all crypto assets.
It reached a major milestone of $1,000 for the first time this year, provoking an emotional response from Binance co-founder and former CEO Changpeng Zhao (CZ).
Since then, the token has been reaching new all-time highs and currently trades at $1,296 after reaching up to $1,370.
These massive price gains — especially after the crash — have raised suspicion that there is market manipulation ongoing in favor of the token.
Binance has been accused of buying up BNB to liquidate shorts in the manipulation allegation alongside Coinbase.
Some X users have even called for the complete destruction of the exchange, saying it is a tool for market manipulation that affects everyone.
CZ defends BNB strength
In the midst of the manipulation allegations, CZ has given explanations as to why BNB is so strong.
The major crypto influencer has oftentimes said the token is growing rapidly because of the utility it has and the growing BNB Chain ecosystem, but that’s not all this time.
He has also added that BNB Chain and its partners have gone out of their way to support users who lost money, which is a major reason why BNB is so popular.
Regardless of what is being claimed or denied, BNB seems determined to reach new highs as analysts have predicted before now.
What do you think?
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