BNB’s price has reached its highest point since November 2022, with an underperforming Bitcoin and a gaming platform launch on Binance Launchpool serving as primary catalysts.
BNB
$380 price momentum has been bullish recently, with Feb. 22 marking another milestone. The cryptocurrency soared to $387, its highest value since November 2022, showcasing a remarkable 9% increase in the last 24 hours.
BNB/USD daily price chart. Source: TradingView
Let’s discuss the main reasons behind the BNB price rally.
Capital rotation from Bitcoin to BNB market
BNB’s price rise in the last 24 hours coincides with Bitcoin’s
BTC $51,607 2.5% drop versus the U.S. dollar.
This divergence is particularly pronounced in the BNB/BTC trading pair, which has seen an increase of over 11%, highlighting a significant shift in market dynamics between these top-ranking cryptocurrencies.
BNB/BTC daily price chart. Source: TradingView
Simply put, traders are potentially rotating out of the Bitcoin market to seek safety in BNB. That is further visible in BNB’s market dominance, which has jumped from 2.74% to 2.99% in the last 24 hours.
Portal launch on Binance Launchpool
The recent surge in BNB’s price aligns with the debut of Portal (PORTAL), a cross-chain gaming platform on the Binance Launchpool, highlighting a potential catalyst for increased investor interest and capital inflow toward BNB.
Bull pennant breakout
BNB’s rise toward $387 looks to be part of a bullish breakout emerging out of its previous bull pennant rang
BNB/USD 4H price chart. Source: TradingView
Nonetheless, BNB’s 4-hour relative strength index (RSI) has risen above 70, an overbought area. In other words, the cryptocurrency risks undergoing a price retracement.
If BNB enters an overbought correction cycle, its primary downside target looks to be its 0.326 Fibonacci retracement line at $364 — down 4.5% from current price levels — by the end of February. Conversely, a decisive break above the $387 resistance level could push BNB’s price toward $400.
