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Binance Coin price, like most cryptocurrencies in the market, is feeling the pinch of the FTX liquidity crisis. The local exchange token lost 6.6% of its value overnight prior to the rally and the previous spike of $300. If the price holds above $260 for a few days, BNB could quickly return to its former grace and close the gap to $400.
FTX Status Update
worries over FTX’s alleged bankruptcyAn exchange owned by crypto billionaire Sam Bankman-Fried, or SBF, as they are commonly referred to in crypto cycles, have gone bad ever since they first arose. November 2, The FTX crisis began when the balance sheet of FTX-linked hedge fund Alameda Research was leaked.
Following the news, the CEO of Binance, who was an early investor in FTX, said that he was going to liquidate his remaining FTT holdings. This frightened FTX users, who began withdrawing billions of dollars from the exchange, adding to the perceived liquidity crisis. In a surprise move, the SBF then announced that Binance was considering buying FTX.com, however. This plan later failed.
Despite the short-term price drop, FTX’s collapse ultimately bodes well for Binance. BNB tokens are likely to benefit from this move as FTX users move to Binance for its crypto services.
Binance Coin Price Prediction: How Likely Is a Reversal to $400?
Binance Coin is currently trading hands below $300, after recapturing short-term support at $260. The broken rising trend line is now the biggest hurdle facing the bulls. However, as soon as it’s pushed into the rearview, the $400 trip can be completed faster.
The stochastic RSI on the daily time frame chart shows that BNB is highly oversold after falling from an overbought zone. Highly oversold markets indicate a rapid reversal as the asset usually returns to its fair value.
merchants Looking forward to longing for BNB One must wait patiently for the Stochastic RSI to rise above the oversold zone and into the neutral zone. Movement towards the mean line and later in the overbought zone would strengthen the presence of bulls in the market, which could validate the foreseen rally to $400.
A daily candlestick above the $280 rising trend line confirms BNB’s move towards $400. Traders should be aware of potential seller congestion zones that could prevent the token from achieving its short- and medium-term potential. For example, BNB could be slow to clear the confluence resistance at $295 created by the 50-day exponential moving average (in red) and the 100-day EMA (in blue).
Meanwhile, on-chain data from Santiment shows that a large number of investors, commonly referred to as whales, are using low-priced BNB tokens to fill their wallets.
From the chart below, addresses from 100,000 to 1,000,000 currently hold 7.46% of the total supply of Binance Coin, up from 7.39% as of November 7. Since May, this investor group has aggressively acquired BNB, fueled by a massive bear market. forces and uncertainties. Therefore, Binance Coin price is bound to regain its bullish momentum towards the predicted move towards $300 and its subsequent recovery phase to $400.
It is worth mentioning that from now on, investors can generally consider BNB a little undervalued. The Market Value Realized Value (MVRV) maintains a profit/loss ratio of -1.74, indicating that most BNB holders are now dealing with unrealized losses. MVRV below 1 indicates that Binance Coin is undervalued.
Holders of BNB are unlikely to sell until the price recovers. If anything, many may consider buying more at the ‘discounted’ price level, which could put pressure on the back of BNB to $400.
Alternative investments that promise massive returns
Despite the ongoing market troubles, investors looking to profit in the near future may be interested in looking at new altcoins, especially those currently selling their respective priors.
Many of these promise significant returns, as seen earlier this autumn by Tamadoge (TAMA), which Soared up to 1,800% (relative to its pre-sale price) in October, This came after it was listed on the major crypto exchange OKEx.
The three tokens listed below demonstrate solid fundamentals, giving them a high potential for growth following their initial exchange listing. Furthermore, these projects are in their pre-sale stages, offering the most competitive market entry conditions.
Dash 2 Trade (D2T)
Dash2Trader is a world-class crypto analytics and social trading platform that plans to make it easier for investors to make informed decisions using actionable market data. At the heart of the Dash 2 trade ecosystem is D2T – an ERC-20 token built on the Ethereum blockchain.
Users on this platform can develop and test trading strategies that allow them to take advantage of opportunities in the market.
D2T is currently trading at 0.0513 USDT. sells inBut this price will move up to 0.0533 USDT in the next presale phase.
Visit the Dash 2 Trade Presale now.
IMPT
IMPT is a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be accessed by shopping with a wide range of eco-friendly retailers. Since carbon credits are now marked as NFTs, it is possible to track them more transparently, which helps to address many issues that have previously affected the carbon market.
IMPT pre-sale raises over $12.6 million A few weeks after its launch, it became one of the most popular crypto sales.
Calvaria (RIA)
calvaria (RIA) is a play-to-earn blockchain-based game in which players can earn rewards and battle with NFT-based collectible cards. One of its main distinguishing features is that it lets users play without the need to hold any cryptocurrency (although RIA can also be used for staking and buying in-game items). This will potentially make it more accessible to a greater number of players, many of whom have so far put off blockchain-based gaming by requiring them to hold crypto.
Its presale has raised over $1.6 million and has just entered its fourth phase, with 40 RIAs to be purchased for 1 USDT.
