BNB hit a new record high of $716, beating the previous record that stood for over 3 years. This came as a surprise because the founder of Binance, CZ, just started serving a prison sentence.
However, there are signs that BNB's price might go down soon. One reason is that a technical indicator suggests the market is overbought. Another reason is that there's a lot of money being bet on both BNB going up and going down.
The recent rise comes after BNB broke through a resistance level that had been holding it back for a while. But with the price going up so fast, it might be due for a correction. This correction won't wipe out all the recent gains though.
Follow for more news
