Binance Coin price is up slightly over 10% this week, following a mid-week crypto relief rally. The native exchange token is the fourth-largest cryptocurrency, boasting $48 billion in market capitalization.
Over $1 billion in volume has been traded across the board in 24 hours. BNB dodders at $296 at the time of writing while facing growing resistance at $310. A break and hold above this level could quickly propel BNB above $350 and possibly pave the way for gains to $400.
Binance Pledges an Additional $1 Billion To the Industry Recovery Fund
Binance CEO Changpeng Zhao (CZ) announced another $1 billion worth of BUSD for the recently crafted Industry Recovery Fund (IRI). Initially, the exchange led a $1 billion initiative open to other investors.
Aptos Labs and Jump Crypto were among the first companies to express interest in the Binance-led IRI. The IRI now has $2 billion to start its operations after CZ confirmed an additional $1 billion on Friday. The fund will focus on buying distressed crypto assets in the wake of the FTX collapse.
PeckShieldAlert, a platform that tracks the movement of large sums of money in crypto, confirmed via a post on Twitter that the “Binance 7” address, dedicated to the IRI, has over a billion tokens.
Binance Coin Price Prediction as BNB Grinds Closer to Confirming an Uptrend
Binance Coin price downtrend has persisted since the beginning of the year. Trend analysis shows its movement was limited below the 1st trendline, as highlighted in the daily chart, until BNB stepped above it in late October.
Bulls also cleared resistance provided by the 50-day Exponential Moving Average (EMA) (in red), the 100-day EMA (in blue) and the 200-day EMA (in purple). As sidelined buyers joined the market, BNB briefly crossed the $350 mark before hitting a wall at the 2nd falling trend line.
The FTX implosion triggered a colossal sell-off that left no stone unturned in the crypto market. Declines wiped out all the gains accrued in October, forcing BNB to retest July levels at $250.
The Binance Coin price trades at $296 after midweek attempts to break above resistance at $300 capsized. Since an uptrend is yet to be confirmed, confluence support at $288 will be crucial in pointing BNB in an upside direction. The 50-day EMA and the 100-day EMA reinforce the buyer congestion at this level.
A buy signal from the Moving Average Convergence Divergence (MACD) assures traders that BNB’s uptrend could be temporarily put on hold. A break and hold above the mean line (0.00) will call more buyers into the market. As demand behind BNB increases, a recovery path will emerge to ensure that the price steps above the 200-day EMA resistance at $310.
Price action above the 2nd trend line is required to confirm a bullish outlook in BNB ahead of another sustainable move not only above $400 but to its all-time high of $686.
Some BNB whales have taken advantage of the pullback in November to fill their bags. The Supply Distribution on-chain metric from Santiment reveals an uptick in addresses holding 10,000 to 100,000 BNB from 186 on November 2 to 190 on November 25.
There was an increase of one more whale in the cohort holding 1M to 10M tokens, from 10 to 11, over the same 30-day period. If such an uptake of BNB tokens continues, buying pressure will eventually overwhelm the headwinds for a massive northbound move.
Presales to Consider for Portfolio Diversification
Binance Coin price has long-term growth potential, but investors can consider upcoming crypto projects with solid fundamentals to rally upon listing on exchanges. All three tokens listed below are currently in their presale stages, which means investors can get in early to catch the trend as it begins.
Dash 2 Trade (D2T)
This is an intelligent cryptocurrency platform that helps traders to make smart trading decisions. Dash 2 Trade supports investors by providing access to buy/sell opportunities. A strategy builder has also been put in place where users can make and adopt new strategies relative to the everchanging crypto space.
D2T is the ERC-20 token on the Ethereum network used to power this new ecosystem. Although Dash 2 Trade has a free tier membership, users can subscribe to the starter and the premium tiers by paying 400 D2T and 1,000 D2T tokens, respectively.
Visit Dash 2 Trade Now
This is a Sandbox-style metaverse project made of various assets as part of the virtual world. Land parcels and robot characters will be sold to users following the presale. Activities in the metaverse project include mining TARO, building digital buildings and creating games, among other things.
RobotEra hopes to bridge the gap between real-world users and the metaverse with a no-code process. This means that all users, regardless of their experience, can participate in the virtual world.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which will begin soon.
Visit RobotEra Now
Source: crypto news
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