The Binance Coin price is up slightly over 10% this week, following a mid-week crypto relief rally. The native exchange token is the fourth-largest cryptocurrency, boasting $48 billion in market capitalization.
With over $1 billion in trading volume over the past 24 hours, BNB dodders at $296 at the time of writing, just below resistance at $310. A break and hold above this level could quickly propel BNB above $350 and possibly pave the way for gains to $400.
Binance Pledges an Additional $1 Billion To the Industry Recovery Fund
Binance CEO Changpeng Zhao (CZ) announced another $1 billion worth of BUSD for the recently started Industry Recovery Fund (IRI).
Aptos Labs and Jump Crypto were among the first companies to express interest in the Binance-led IRI. The 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 FTX collapse.
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 the IRI, has over a billion dollars stored.
Binance Coin Price Prediction as BNB Grinds Closer to Confirming an Uptrend
Binance Coin’s price downtrend has persisted since the beginning of the year. Trend analysis shows its movement was contained below the 1st trendline, as highlighted in the daily chart, until BNB shot above it in late October.
Bulls also cleared 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). As sidelined buyers joined the market, BNB briefly crossed the $350 mark before hitting a wall at the 2nd trend line.
The FTX implosion triggered a colossal sell-off that impacted nearly every coin in the crypto market. Declines wiped out all the gains accrued in October, forcing BNB to retest July levels at $250.
The Binance Coin price trades at $296 after midweek attempts to break above resistance at $300 failed. Since an uptrend is yet to be confirmed, confluence support at $288 will be crucial in limiting BNB’s move to the downside. The 50-day EMA and the 100-day EMA reinforce the buyer congestion at this level.
The MACD, on the other hand, paints a more positive picture with the green bars indicating a low momentum rally is brewing. If BNB is able to break above the resistance at $310, then continued momentum could see it reaching $350 and $400 after that.
Notably, some BNB whales have taken advantage of the pullback in November to fill their bags. The Supply Distribution on-chain metric from Santiment reveals an uptick in addresses holding 10,000 to 100,000 BNB from 186 on November 2 to 190 on November 25.
There was an increase of one more whale in the cohort holding 1M to 10M tokens, from 10 to 11, over the same 30-day period. If such an uptake of BNB tokens continues, buying pressure will eventually overwhelm the headwinds for a massive northbound move.
Presales to Consider for Quicker Gains
BNB is a solid coin with strong fundamentals behind it. However, traders who are looking for quicker gains have started looking at presales.
For instance, Metaverse-based meme token Tamadoge (TAMA) posted very impressive gains after it was listed on OKX in October, rising as high as 1,800% at one point in relation to its presale price.
The three coins below also hope to replicate such above-average performance, with each of these currently holding their presale, and each also offering solid fundamentals.
Dash 2 Trade (D2T)
Based on Ethereum, Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data, all of which can help them arrive at informed trading decisions.
Due to launch in the first quarter of 2023, the sale of its native D2T token has raised more than $7 million. It has also announced listings on BitMart and LBANK Exchange for early 2023, confirming that investors will indeed have the opportunity to enjoy some returns soon enough.
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RobotEra (TARO)
RobotEra (TARO) is a Sandbox-style Metaverse due to launch its alpha version in Q1 2023. Within its platform, gamers will be able to play as robots and participate in creating its virtual world, including NFT-based land, buildings, and other in-game items.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which will begin soon.
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IMPT (IMPT)
Also running on Ethereum, IMPT is a carbon-credit marketplace and retail platform that aims to reward consumers for shopping with eco-friendly merchants, rewarding such consumers with NFT-based carbon offsets. These offsets can then be traded or retired, whereby they will contribute to users’ IMPT.io scores, which tracks their impact on the Earth’s environment.
Since opening its sale in October, IMPT has raised just over $13.2 million, with 1 IMPT currently being sold $0.023.
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