The price of Binance Coin is up just over 10% this week after a mid-week crypto rally. The native exchange token is the fourth largest cryptocurrency with a market capitalization of $48 billion.
Over $1 billion was sold across the board in 24 hours. BNB is hovering at $296 at the time of writing, facing rising resistance at $310. A break and hold above this level could quickly take BNB above $350 and possibly pave the way for a rise to $400.
Binance Allocates Additional $1 Billion to Industry Recovery Fund
Binance CEO Changpeng Zhao (CZ) announced another $1 billion worth of BUSD for the newly established Industrial Recovery Fund (IRI). Initially, the exchange spearheaded a $1 billion initiative open to other investors.
Aptos Labs and Jump Crypto were among the first companies to show interest in Binance-led IRI. IRI now has $2 billion to kick-start after CZ confirmed an additional $1 billion on Friday. The fund will focus on buying distressed crypto assets after the collapse of FTX.
PeckShieldAlert, a platform that tracks the movement of large sums of money in cryptocurrencies, has confirmed via a tweet that the IRI-dedicated Binance 7 address contains over a billion tokens.
Binance Coin Price Prediction as BNB Nears Uptrend Confirmation
The downward price trend on Binance Coin has been maintained since the beginning of the year. Trend analysis shows that its movement was limited below the 1st trendline as shown on the daily chart until BNB rose above it at the end of October.
The bulls also broke the resistance provided by the 50-day exponential moving average (EMA) (red), 100-day EMA (blue) and 200-day EMA (purple). With minor buyers joining the market, BNB briefly broke the $350 mark before crashing into the wall on the 2nd downtrendline.
The FTX explosion triggered a colossal selloff that left no stone unturned in the crypto market. The fall wiped out all the gains accumulated in October, forcing BNB to retest July levels at $250.
Binance Coin price is trading at $296 after mid-week attempts to break the $300 resistance level were reversed. With the uptrend yet to be confirmed, the $288 confluence support will be critical to steer BNB in the upside direction. The 50-day EMA and 100-day EMA reinforce the buying congestion at this level.
A buy signal from moving average convergence-divergence (MACD) assures traders that BNB’s uptrend can be temporarily halted. A break and hold above the midline (0.00) will bring more buyers into the market. As demand for BNB increases, a recovery path will emerge to ensure the price breaks the 200-day EMA resistance at $310.
A price move above the 2nd trend line is needed to confirm BNB’s bullish outlook ahead of another sustained move not only above $400 but to its all-time high of $686.
Some BNB whales took advantage of the November pullback to fill their bags. Santiment’s on-chain supply distribution metric shows an increase in the number of addresses holding between 10,000 and 100,000 BNB from 186 on Nov. 2 to 190 on Nov. 25.
Over the same 30-day period, the number of token holdings from 1 million to 10 million increased by another whale, from 10 to 11. If this absorption of BNB tokens continues, buying pressure will eventually overcome the headwind for a massive move north.
Pre-sales for portfolio diversification
The price of Binance Coin has long-term upside potential, but investors may consider future crypto projects with strong fundamentals to rise after listing on exchanges. All three of the tokens listed below are currently in pre-sale, meaning that investors can get involved early to catch the trend as it starts.
Trading Dash 2 (D2T)
It is an intelligent cryptocurrency platform that helps traders make smart trading decisions. Dash 2 Trade supports investors by providing access to buy/sell opportunities. A strategy builder has also been created where users can create and apply new strategies in relation to the ever-changing crypto space.
D2T is an ERC-20 token on the Ethereum network used to power this new ecosystem. Although Dash 2 Trade has a free membership tier, users can subscribe to the entry and premium tiers by paying 400 D2T Tokens and 1000 D2T Tokens respectively.
Visit Dash 2 Trade Now
It is a sandbox-style metaverse project consisting of various assets as part of a virtual world. Land and robot characters will be sold to users after the pre-sale. Activities in the metaverse project include TARO mining, digital building construction, and game creation, among others.
RobotEra hopes to bridge the gap between real 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 with USDT or ETH), although this price will rise to $0.025 in the second stage of the pre-sale, which will begin soon.
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