BNB price has climbed to as much as $1,191 following Changpeng Zhao’s comments about the token’s recent listing on Coinbase eight years after the token was first launched.
Summary
- CZ praised Coinbase’s decision to list BNB, calling it a “no-brainer” given the token’s strong liquidity and market position.
- BNB price briefly climbed to around $1,191 before consolidating near $1,181, with technical indicators suggesting neutral momentum as traders await further catalysts from the upcoming Coinbase listing.
On Oct. 16, former Binance CEO and Head of YZi Labs Changpeng Zhao reacted to the news of Coinbase adding BNB to its listing roadmap. CZ’s post regarding the listing served to boost BNB price slightly by 0.5% in the past hour.
“Woke up to this. Thanks for the support from industry peers,” said Changpeng Zhao in his post, adding a screenshot of comments from crypto figures like Tron (TRX) founder Justin Sun and the Australian-based crypto exchange Kraken regarding the listing in his latest post.
According to Zhao, Coinbase’s decision to list BNB (BNB) should be considered a “no-brainer,” considering the token is currently the third-largest cryptocurrency by market cap. According to data from crypto.news, the token’s market cap currently stands at $164.9 billion. Excluding the stablecoin USDT (USDT), BNB is the third largest cryptocurrency, falling behind only to Bitcoin (BTC) and Ethereum (ETH).
“Excellent liquidity, volume and ecosystem. Not listing it is a loss for the exchange themselves,” said CZ, adding an encouragement for BNB to “keep building.”
Shortly after CZ shared his post, BNB price reached $1,991, nearing the $1,200 before briefly retracting back to the $1,180 level. In the past 24 hours, the token has dipped by 0.2%.
On Oct. 15, the Coinbase Markets official account announced that it has added BNB to its roadmap. According to the blogpost shared, BNB will be added as an asset on the BNB Smart Chain, which already has integrated support within Coinbase. In addition, the exchange will also list QCAD on Ethereum and KTA on the Base (BASE) Network.
Launched in 2017, BNB serves as a trading fee token and the primary gas asset for BNB Chain transactions. BNB is also used for payments, staking, token launches and governance proposals. In 2021, it officially rose to become the third-largest cryptocurrency by market cap and has mostly remained in that spot.
In a separate post, CZ suggested Coinbase should list more BNB Chain projects. He argued that over the years, Binance has listed several Base projects, yet the same cannot be said about Coinbase listing Binance projects.
“Not a trade. Just recommending, given we are on the topic of being open, inclusive, etc. Also good for the exchange, I believe,” said CZ.
BNB price analysis
Market sentiment toward BNB has been mixed since Coinbase announced the addition of BNB to its listing roadmap, a move that could significantly broaden the token’s accessibility to U.S.-based investors. While some traders view the news as a long-term bullish development, others are more cautious, considering the ongoing regulatory scrutiny surrounding Binance.
CZ’s measured reaction on social media appears to have helped calm speculation that tensions might arise between the two exchanges.
BNB price is currently trading at around $1,181, dipping slightly after reaching as high as $1,191 and even surpassing the $1,214 on the day Coinbase announced it will be listing the token.
At press time, BNB price is hovering close to the 30-day moving average, suggesting a phase of consolidation following a modest upward movement earlier in the session. Momentum appears neutral, with no clear directional bias yet, as bulls and bears continue to contest the short-term trend.
The Relative Strength Index currently sits near 48, indicating neutral momentum and limited buying or selling pressure at the moment. This aligns with BNB price hovering around the moving average, signaling that the market is likely waiting for new catalysts before making a decisive move.
The RSI’s repeated oscillation between 40 and 60 over the past few hours suggests short-term indecision, with traders possibly digesting the broader implications of recent news developments surrounding Binance and its token.
If positive sentiment builds around the upcoming Coinbase listing, BNB price could test the $1,190 to $1,200 resistance zone again. However, a sustained break below $1,175 could signal short-term weakness, especially if broader market conditions turn risk-off.
