Darling, Binance Coin (BNB) has experienced a rather fleeting flutter after Binance announced securing a colossal $2 billion investment from Abu Dhabi’s MGX group. Quite the coup, wouldn’t you say?
At present, the cryptic creature is trading at $559, a modest 1% increase over the last 24 hours. The market cap has also seen a slight surge, but only by 1%, while the trading volume has taken a rather dramatic 31.578% dive today.
This investment from the MGX group is the largest single investment ever in any crypto firm. According to a previous report, MGX will acquire a minority stake in the exchange, but this also solidifies Binance’s position as one of the leading crypto exchanges in the world. But can this new development help push BNB to $750, even if the market condition turns bullish?
BNB reached its all-time high in early December, trading for $750 at the time, but has since lost 29%. Looking at the daily chart, the price bounced off a key support level at $511, which has been tested a couple of times. It was followed by a bullish candle, but today’s candlestick is showing a wick rejection to the downside. However, the price has left an oversold level on the RSI level. It’s currently at 38, with a lot of room for the Bulls to take control of the market.
Additionally, the chart shows a rather dashing bullish flag pattern that has been forming since February. A bullish flag pattern is often an indicator that a rally could soon be on the horizon. If the price breaks out of this pattern, it’s very possible to hit $750. However, there’s a resistance level up at $721 that it would have to break to get to this target or even to a new high.
“Binance’s Billion-Dollar Boost: Will BNB Sashay to $750?”
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2025-03-12 22:44