BNB Price Forecast: BNB recovers above $700 as Binance posts net inflows following hack

• Supported in the near term by the 200-day EMA, BNB advances above $700.
• Net hourly inflows return to Binance, with deposits outpacing withdrawals as the exchange recovers from last week’s $6.3 billion hack.
• Lagging momentum indicators keep BNB’s broader technical bias bearish, notwithstanding the modest recovery.

Bulls are attempting to recover momentum after last week’s sell-off, lifting BNB (BNB) above $700 on Tuesday. Investor reaction to a security breach at Binance, the largest crypto exchange, was the main driver of the slide from Thursday’s highs above $760 to lows of $680.

Approximately $6.3 billion was affected by the hack, making it the largest in the crypto industry’s history. Working with blockchain stakeholders, Binance froze roughly $3 billion in assets believed to have been stolen by TraderTraitor, a North Korea-linked hacker group.

Do Binance’s net hourly inflows signal a recovery?

Deposits are now exceeding withdrawals on an hourly basis at Binance, according to a Tuesday post on X by co-founder Changpeng Zhao, popularly known as CZ. His update comes after the exchange contained the security breach and resumed withdrawals on Sunday.

Initial net outflows reported by the exchange totalled about $3.64 billion, comprising withdrawals of $4.65 billion against deposits of $1.01 billion. Based on Wednesday’s Proof of Reserves (PoR) snapshot, that net outflow amounts to roughly 2.1% of Binance’s total assets under management of $171 billion.

Continued net hourly inflows could indicate that Binance has come through the disruption caused by the hack and is starting to restore user confidence. To safeguard customers, Binance said it would use its internal insurance fund and assets to cover the losses from the hack in full.

Retail appetite for BNB, however, has weakened over the past few days. Perpetual futures Open Interest (OI) stood at $1.74 million BNB on Tuesday, compared with 1.95 million BNB last Friday. A decline in retail risk appetite could put pressure on the token, constraining its scope for recovery and increasing the likelihood of a prolonged sell-off.

Technical analysis: Can BNB sustain its recovery above key support?

Immediate trend support for BNB comes from the 200-day Exponential Moving Average (EMA) near $692, with the token trading just above it at $700. Overhead, the 100-day and 50-day EMAs at $708 and $729, respectively, continue to restrict gains. A broader bearish bias is indicated by this configuration, together with the SuperTrend line at $766, a subdued Relative Strength Index (RSI) around 39 and a negative Moving Average Convergence Divergence (MACD) histogram.

The first upside hurdle is the 100-day EMA around $708, with the 50-day EMA near $729 next in line. Beyond these levels, the broken rising trendline at $736 presents a more substantial obstacle, followed by the SuperTrend zone around $766, which caps further gains. For near-term downside support, attention turns to the reclaimed 200-day EMA near $692. Below that, the previous trendline-break area around $686 serves as a further defensive level. A failure to hold there would likely leave scope for a steeper correction within the broader uptrend channel.

(The technical analysis of this story was written with the help of an AI tool. Know more.)