Binance Coin Price Analysis: BNB Spikes +20% on the Back of $1 Billion Growth Fund – What’s Next?
Arslan Butt • 1 min read
The price of Binance Coin (BNB) has risen by about 22% in the last 24 hours, reaching an intraday high of $467. This follows the announcement by Binance, the world’s largest cryptocurrency exchange, of a $1 billion fund to expand the Binance Smart Chain (BSC) ecosystem.
Fifty percent of the funds will be used to advance decentralised gaming computing and virtual reality. As part of its Most Valuable Builder (MVB) program, a total of $300 million has been granted to hackathons and supporting developers.
The rest of the $1 billion will go towards talent development and a liquidity incentive scheme.
Binance Coin Price Analysis – BNB to face resistance at $480
Binance coin is trading with a solid bullish bias at the $463 level, as it recently crossed above the pivot point level of $425. On the 4-hourly timeframes, the BNB/USD coin has closed a “Three White Soldiers” candlestick pattern. Typically, this pattern suggests a continuation of a strong upward movement in the market.
As you can see on the chart above, the BNB/USD coin has formed an upward channel, and it is gaining support at the $390 level. However, the ascending channel is also likely to provide resistance at the $480 level.
A bullish breakout at the $480 level could lead the BNB/USD price towards the next resistance level of $514 and even $567. The leading and lagging indicators, such as the RSI and the 50-day simple moving average, support a bullish trend. Thus, the idea is to stay bullish until $480.
Below the $480 level, the BNB could exhibit a slight bearish correction, amid profit-taking buy bulls. However, that would provide an opportunity for the bulls to re-enter the market. Good luck!