BNB, the native cryptocurrency of the Binance exchange, experienced heightened volatility during Thursday’s trading hours, with the coin teasing a $600 breakout. The price fluctuation followed rumors that President Donald Trump’s family seeks a financial stake in Binance’s U.S. arm. However, BNB’s price struggled to maintain bullish momentum as former CEO Changpeng Zhao marked the news false. Is the correction trend not over?
Key Highlights:
- WSJ reported Trump’s family sought a stake in Binance US, but CZ denied the claims, calling the article inaccurate.
- Since January 2024, the support trendline of the rising wedge pattern has acted as a major accumulation zone for crypto buyers,
- A potential death crossover between the 50-and-200-day EMA slope could delay recovery potential in BNB price.
BNB Price Faces Uncertainty Amid Trump-Binance Rumors
In a five-day rally, the BNB price bounded from a $507 low to the $602 current trading value registering a jump of 21%. Despite the broader market uncertainty, the Binance coin stood tall as MGX, an Abu Dhabi sovereign wealth fund, invested $2 billion in Binance for a minority stake.
This news-driven rally gained future momentum on March 13 as WSJ reported that the Trump family engaged in discussions about acquiring a financial stake in the U.S. arm of Binance. However, former Binance CEO CZ swiftly responded, refuting the claims.
4. Sorry to disappoint. The WSJ article got the facts wrong.
More than 20 people have told me they were asked by the WSJ (and another media), “Can you confirm that CZ made some deal for a pardon?”
They probably asked hundreds of people to have 20 people reach out to me. In… https://t.co/ELyDPmKD3G
— CZ 🔶 BNB (@cz_binance) March 13, 2025
In a tweet, CZ stated that the WSJ article “got the facts wrong” and emphasized that he had no discussions of a Binance US deal with anyone. He further criticized the media’s attempt to create a story, highlighting that over 20 people informed him that WSJ was inquiring about a supposed “deal for a pardon.”
Thus, the BNB price struggles to hold bullish momentum, as evidenced by the long-wick rejection candle at $615. The overhead supply hints at a potential 10% reversal in Binance coin price to retest the support trendline of the long-coming wedge pattern.
Since January 2024, the pattern’s lower trendline has acted as a major accumulation zone for buyers to ignite a fresh recovery trend. If the support holds, the crypto buyers could recuperate the bullish momentum and push the BNB price for a rally to $731, followed by $840.
On the contrary, if the Binance coin breaks below the bottom support, the bullish thesis will get invalidated.
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