Binance Coin price is up a little over 10% this week, following a mid-week crypto relief rally. Native Exchange Token is the fourth largest cryptocurrency with a market capitalization of $48 billion.
Over $1 billion traded across the board in 24 hours. Facing rising resistance at $310, BNB faltered at $296 at the time of writing. A break and hold above this level could quickly propel BNB above $350 and potentially pave the way for gains towards $400.
Binance Pledges an Additional $1 Billion to Industry Recovery Fund
Binance CEO Changpeng Zhao (CZ) announced another $1 billion worth of BUSD to the recently created Industry Recovery Fund (IRI). Initially, the exchange launched a $1 billion initiative for other investors.
Aptos Labs and Jump Crypto were among the first companies to express interest in the Binance-led IRI. 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 collapse of FTX.
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 IRI, holds over one billion tokens.
Binance Coin Price Prediction As BNB Is Close To Confirming An Uptrend
The price of Binance Coin continues to decline since the beginning of the year. Trend analysis shows that its movement was limited below the first trend line, as highlighted on the daily chart, until BNB held above it in late October.
The bulls have also overcome the 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). BNB briefly crossed the $350 mark before hitting a wall at another falling trend line as the sidelined buyers joined the market.
The FTX explosion triggered a massive selloff that left no stone unturned in the crypto market. The decline wiped out all the gains made in October, forcing BNB to retest July levels of $250.
binance coin The price is trading at $296 after an attempt to break the $300 resistance in the middle of the week. Since an uptrend is yet to be confirmed, the confluence support at $288 will be crucial to point BNB in an uptrend. The 50-day EMA and 100-day EMA reinforce the buyer rush at this level.
A buy signal from the moving average convergence divergence (MACD) reassures traders that BNB’s uptrend may be temporarily halted. A break and hold above the Mean Line (0.00) will invite more buyers into the market. As demand for BNB increases, a recovery path will emerge that ensures the price moves above the 200-day EMA resistance at $310.
Price action above the second trend line is needed to confirm the bullish outlook for BNB before another sustainable move not only above $400 but also 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 Sentiment reveals an increase in addresses holding 10,000 to 100,000 BNB from 186 on 2 November to 190 on 25 November.
There was another whale increase in the cohort holding 1M to 10M tokens from 10 to 11 in the same 30-day period. If such an uptrend in BNB coin continues, the buying pressure will eventually overcome the barriers for a massive move to the north.
Pre-sales to consider for portfolio diversification
Binance Coin price has long-term growth potential, but investors may consider upcoming crypto projects with solid fundamentals to rally upon listing on the exchange. All three coins listed below are currently in their pre-sale stages, meaning investors can get in early to catch the trend.
Dash 2 Trade (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 placed where users can create and adopt new strategies relative to the ever-changing crypto space.
D2T is an ERC-20 token on the Ethereum network are used to power this new ecosystem. Although Dash 2 Trade has a free tier membership, users can subscribe to the Starter and Premium tiers by paying 400 D2T and 1,000 D2T tokens, respectively.
Robotera (Taro)
It is a sandbox-style metaverse project composed of various properties as part of a virtual world. The land parcels and robot characters will be sold to users after the pre-sale. Activities of the Metaverse project include mining tarot, 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), however this price will increase to $0.025 in the second phase of its pre-sale, which will start soon.
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