BNB Drops From All-Time High, Eyes Recovery
  • The Binance team recently announced several initiatives aimed at revitalizing the BSC ecosystem and driving mainstream adoption of BNB in ​​the future.
  • With Binance re-entering the Indian market among other global markets, BNB price is well positioned for a medium-term recovery.

Recent extreme negativity and fear towards holding Bitcoin (BTC) has led to significant crypto liquidations and pushed the price of Binance native coin (BNB) down into a consolidation phase over the past three months.

The large altcoin, with a fully diluted market cap of around $93 billion and average daily trading volume of around $934 million, has fallen more than 15% over the past two weeks. The coin is trading at around $600 at the time of writing.

BNB Price Prepares for New Highs Soon

Binance’s native coin rose to an all-time high of around $717, coinciding with the four-month prison sentence of Changpeng Zhao (CZ) earlier this month. The altcoin remains in fourth place by market cap despite growing competition from other crypto projects such as Solana (SOL).

The global Binance community, which has remained largely bullish thus far, has helped support BNB’s liquidity and high trading volumes. Additionally, BNB’s price against the USD is attempting to convert resistance levels near the $625 mark into support levels.

If BNB price consistently closes above the resistance level around $625, the altcoin will be well positioned to enter the parabolic phase of the ongoing macro bull run. Moreover, BNB’s weekly relative strength index (RSI) is hovering around the 70 level, following a golden cross of the 50 and 200 weekly simple moving averages (SMA).

In the short term, BNB price is looking to target a liquidity range of $761 to $974, which coincides with the weekly 2.618 and 3.618 Fib extensions.

Why we’re betting on Binance’s future rise

The Binance network has grown into a robust ecosystem over the years due to its customer protection policies, unlike peers such as the now defunct FTX. The Binance ecosystem is comprised of a vibrant Web3 ecosystem with over $5 billion in Total Value Locked (TVL) and over $5 billion in stablecoin market cap.

Recently, cryptocurrency exchange Binance reached 200 million registered users worldwide, maintaining its position as the largest Web3 company. To maintain its position, the Binance team has announced several initiatives to encourage users and developers to adopt its vast Web3 infrastructure.

As CryptoNewsFlash recentlyd. Binance Labs and BNB Chain have teamed up with top venture capital firms to launch the BNB Incubation Alliance (BIA) to incubate early-stage blockchain projects. Additionally, BNB Chain recently Release The third chapter of the Airdrop Alliance Program to reward BNB holders.

Market situation

The Binance ecosystem has become an integral part of the Web3 industry, especially in non-Western countries, and with digital assets and Web3 projects gaining mainstream adoption through supporting cryptocurrency regulations, it’s safe to assume we’re in a super bull cycle.

No spam, no lies, just insights. Unsubscribe at any time.

Related Article

0 Comments

Leave a Comment