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- Binance BNB price is ready to move higher after taking support from the demand zone.
- BNB price climbed above the 0.382 Fibonacci retracement level on the daily chart.
- The market capitalization increased by 5.42% to $49.9 billion in the last 24 hours.
Binance’s native coin BNB has performed nicely this week. According to Tradingview data, BNB has not experienced major declines, although bitcoin has reached a two-year low. This week’s BNB pricing looks to be optimistic.
Binance CEO Changpeng Zhao (CZ) has announced an additional $1 billion BUSD for the newly established Industry Recovery Fund (IRI). Aptos Labs and Jump Crypto were the first to exhibit interest in the IRI sponsored by Binance. After CZ approved an extra $1 billion on Friday, IRI now has $2 billion to begin activities. Following the demise of FTX, the firm will concentrate on purchasing troubled crypto assets.
At the time of publication, the price of BNB along with the USDT pair remains at the $312.84 mark. Even the bulls manage the positivity in the crypto today, resulting in it higher by 3.86%. The market capitalization increased by 5.42% to $49.9 billion in the last 24 hours. Some further accumulation in BNB price could hit the $50 billion capitalization.
Amid trend reversal, BNB price recovered over 0.382 level of Fib retracement on daily chart, and $300 mark flipped into the immediate support. Furthermore, close to the $360 level, bears will definitely try for decline. Trading volume is low this week and Volume Oscillator decreases down.
On the daily price scale, BNB price is remaining above the all significant moving averages like 20,50,100 and 200. BNB is in bullish trend as value stays above 200 DMA after a long time. As well as, RSI increased above 50 level. Now it stays at 60 mark.
Conclusion
The market capitalization of Binance is going to hit $50 Billion in upcoming days. Buyers need to maintain $$300 vital support level for defending themselves from other lows.
Support level – $300 and $250
Resistance level – $360 and $400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
