Aided by a strong buyer congestion zone at $244, the decline in Binance Coin price has calmed down this week. The native exchange token has recouped 11% of losses this month, since December 17th, to trade at $244 at the time of writing, not to mention a retracement from a high of $254.
A bullish green candle on the four-hour chart could pave the way for a 7.35% triangle breakout, but first, Binance Coin price must break above the 50-day exponential moving average (EMA) (in red at $245.8).
Binance Coin Price Poised for Breakout After BNB Chain Partners with BMW
BMW, one of the leading German car manufacturers, has partnered with BNB Chain and Coinweb to add blockchain to its daily operations. According to a Cointelegraph news article, it help Will help BMW build a blockchain loyalty program.
The partnership is divided into two phases, in which BMW commits to integrate decentralized technology into the company’s daily operations to eliminate tedious paperwork. In the second phase, the carmaker will develop and operate a loyalty program in collaboration with Coinweb.
The loyalty program will use Web3 solutions to incentivize BMW Group customers. The customers will be grouped into tiers, considering their account status. Loyalty rewards will be distributed based on customer actions over time.
BMW customers will use the rewards to pay for goods and services provided by the company and in a connected ecosystem to come in the future. The BNB chain was used to settle all transactions.
“Customers will be rewarded with loyalty points and will be able to spend within the ecosystem. We hope to have a global rollout in the future but currently our partnership is for Thailand,” Coinweb CEO Toby Gilbert told Cointelegraph. Told.
Binance Coin Price Eyes 7.4% Short-Term Bullish Move
BNB price is moving closer to a symmetrical triangle breakout, which could be a proposition for a long move. The partnership with BMW seems to have been well received, with investors anticipating a long-term positive outlook for the token.
However, to prevent a bearish breakout from dragging the leg towards $225, Binance Coin must maintain the support provided by the lower triangle trend line. It is noteworthy that symmetrical triangles do not have bearish or bullish biases.
Therefore, at the confluence of the triangle resistance, the bulls should push the price above the 50-day EMA at $252. An increase in volume and a break above this barrier would lead to a 7.4% move for BNB to $264, where the price would encounter the 200-day EMA (in purple). This exact breakout target is equal to the distance between the widest points of the triangle extrapolated above the breakout point, as shown.
The Relative Strength Index (RSI) on the same four-hour time frame confirms the increasing presence of the bulls in the market as it climbs above the median. Traders can fire their long orders After the RSI crossed above the signal line (in yellow) and BNB cleared the mentioned resistance at the 50-day EMA.
Holders of large quantities, since mid-December, have reactivated the buying spree to scoop up more BNB before the year ends. According to Sentiment, whale addresses with 10,000 to 100,000 coins now account for 3.3% of Binance Coin’s total supply, up from 3.18% on 13 December and 3.14% on 4 July.
Spikes in this on-chain metric suggest that investor sentiment is improving as market participants anticipate an optimistic outlook for BNB in 2023.
Altcoins to consider
Apart from recession, most of the predictions for 2022 have gone waste. Distressed market conditions prompt investors to consider shifting their holdings before 2023.
However, newer projects backed with solid fundamentals have been known to deliver above-average returns, some of which have gone on to shape the crypto space. Interested investors may consider altcoins Listed here to help them successfully navigate Crypto Winter and are currently in their Pre Sale.
Fightout (FGHT)
“It takes a community to raise a child,” they say, and FitOut believes that leading a healthy lifestyle requires commitment and encouragement from a community . FightOut is approaching the fitness industry in a way that hasn’t been done before, not least by existing move-to-earn (M2E) crypto platforms such as SweatCoin, STEPN and Step App.
The team behind FightOut is determined to change the fitness industry one gym at a time with the help of one m2e fitness app. Users who engage with the platform will be rewarded for completing workouts and pre-determined challenges.
FightOut aims to buy a chain of gyms around the world for its members, as it plans to use the Metaverse to seamlessly transition people from Web2 to Web3.
FGHT pre-sales are on and selling out fast. So far, $2.47 million has been raised by selling 1 FGHT for 0.0166 USDT.
Dash 2 Trade (D2T)
Learn2Trade, a community of over 70,000 individuals, has been tapped to bring to life a world-class crypto analytics platform. Investors who don’t want to miss out on opportunities in the market can feel at home on Dash 2 Trade, knowing they can access trading signals and social analytics using on-chain data to maximize profits .
all the D2T holders and non-holders The features on the platform will be accessible through a free tier subscription. However, members can subscribe to the Starter and Premium tiers by paying 400 D2T and 1,000 D2T monthly. The Dash 2 Trade presale raised $11.49 million, well ahead of its first listing on CEX on January 11.
C+ charge (CCHg)
The current electric vehicle (EV) charging system is inadequate and suffers from issues such as lack of standardization. On the other hand, the carbon credit industry, which is estimated to be worth $2.44 trillion by 2027, is dominated by large corporations such as Tesla, which sell off individuals driving EVs.
However, C+Charge hopes to drastically change the narrative by building a blockchain-based peer-to-peer (P2P) payment system for EV charging stations that allows drivers of electric vehicles (EVs) to earn carbon credits. will allow.
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