Binance Coin ($BNB) Rises 1% After Kyrgyzstan Partnership Announcement

Binance Coin ($BNB) is currently trading at $595.32, posting a modest 1% gain after briefly dipping to an intraday low of $584.61. The slight uptick follows Binance founder Changpeng Zhao’s announcement on May 4 of a strategic partnership with Kyrgyzstan to launch a nationwide crypto payments infrastructure, initiate blockchain education programs, and establish strategic reserves that include $BNB and Bitcoin ($BTC).

As the native utility token of the BSC (Binance Smart Chain), $BNB has seen a 13% rise in trading volume over the past 24 hours, with over $1.4 billion exchanged. This activity has helped it retain its status as the fifth-largest cryptocurrency by market capitalization. $BNB is integral to the Binance ecosystem, powering transactions, smart contracts, and various decentralized applications on the BSC Chain.

Adding to the bullish sentiment, Zhao revealed on May 5 via X (formerly Twitter) that asset management firm VanEck has officially filed for a spot BNB ETF. Initially submitted under Form S-1 on May 2, the proposed VanEck BNB ETF would mark the first U.S.-registered fund offering direct exposure to $BNB, pending regulatory approval. While the ETF’s ticker remains undisclosed, the preliminary filing indicates that staking may be included, potentially allowing investors to earn additional $BNB rewards.

Despite a quiet market, BNB Chain continues to prove its resilience. It boasts over $5 billion in total value locked and supports more than 1 million active addresses, ranking just behind Bitcoin, Ethereum, and Solana in network activity. In the past week, the BNB Chain led all major blockchains in stablecoin growth, with a 17.66% rise in stablecoin market cap, now totaling $9.25 billion. It also generated $1.7 million in transaction fees within the last 24 hours, the highest among major chains.

The 4-hour chart of $BNB/$USDT shows that after dipping below the $592 support zone, $BNB quickly recovered, suggesting the move may have been a bear trap. A bullish push followed this false breakdown. The price is now trading around $595.8 and forming higher lows, an early indicator of strengthening buying pressure. The $589.9 level appears to be a strong support floor, while the immediate resistance lies at $607.9. If $BNB can convincingly break through this horizontal resistance zone, the next logical upside target is around $621.6, which aligns with previous highs and a projected breakout path. This is further supported by the RSI (Relative Strength Index), which has rebounded from near-oversold territory and currently sits at 48.93.

Overall, the short-term bias for $BNB remains cautiously bullish. If the price holds above the $592 zone and breaks past the $607 resistance with strength, a move toward $621 becomes a reasonable expectation. Conversely, a close below $589 would invalidate the current setup and shift the focus back to the downside.