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Binance Coin (BNB) Spikes 10 Percent on Announcement of $1 Billion Growth Fund

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Binance Coin is on a tear after Binance announced the launch of a massive $1 billion fund

The price of Binance Coin (BNB) has spiked nearly 10%, reaching an intraday high of $433.

This comes after Binance, the world’s largest cryptocurrency exchange, announced the launch of a $1 billion fund in order to develop the Binance Smart Chain (BSC) ecosystem.

Fifty percent of the aforementioned sum is reserved for developing decentralized gaming computing and virtual reality.

A total of $300 million has been allocated to hackathons and sponsoring developers as part of its Most Valuable Builder (MVB) program.

The remaining part of the $1 billion will be used for talent development and the liquidity incentive program.

The end goal is to make BSC the “most inclusive” blockchain with real-life use cases:

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This program will take us one leap closer to making BSC the most inclusive and used blockchain infrastructure in the world, creating the new Internet of Value for everyone.

BNB’s price spike has also provided temporary relief for some of the top altcoins, pushing Bitcoin’s dominance down.

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Binance Coin Forecast December 8, 2021

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BNB/USD are traded at 581.46 and continue to move as part of the correction and the downward channel. Moving averages indicate a short-term bullish trend for Binance Coin. Prices have broken up the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance level near the area of ​​595.05. Where can we expect a rebound again and the continuation of the fall in the Binance Coin rate with a potential target below the level of 520.55.

Binance Coin Forecast December 8, 2021

In favor of reducing the BNB/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce the coin will be a strong increase in the value of the asset and a breakdown of the 620.05 area. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 675.05. With the breakdown of the support area and closing of quotations below the level of 555.05, we should expect confirmation of the development of a downward impulse for Binance Coin.

Binance Coin Forecast December 8, 2021

Binance Coin Forecast December 8, 2021 implies an attempt to correct and test the resistance area near the 595.05 level. Where can we expect a rebound and the continuation of the fall in BNB/USD to the area below the level of 520.55. An additional signal in favor of reducing the Binance Coin coin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 620.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 675.05.

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Binance Coin Forecast December 3, 2021

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BNB/USD are traded at 617.13 and continue to move as part of the correction and the formation of the ”Wedge” model. Moving averages indicate a short-term bearish trend for Binance Coin. Prices broke down the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop the growth in the value of a digital asset and a test of the resistance level near the 620.05 area. Where can we expect a rebound again and the continuation of the fall in the Binance Coin rate with a potential target below the level of 520.05.

Binance Coin Forecast December 3, 2021

In favor of reducing the BNB/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper border of the Wedge reversal pattern. Cancellation of the option to reduce the coin will be a strong increase in the value of the asset and a breakdown of the 685.05 area. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 735.05. With the breakdown of the support area and closing of quotations below the level of 605.05, we should expect confirmation of the development of a downward impulse on Binance Coin and the start of the ”Wedge” model.

Binance Coin Forecast December 3, 2021

Binance Coin Forecast December 3, 2021 implies an attempt to correct and test the resistance area near 620.05. Where can we expect a rebound and the continuation of the fall in BNB/USD to the area below the level of 520.05. An additional signal in favor of reducing the Binance Coin coin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 685.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 735.05.

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Binance Price Analysis: The BNB Traders Could Expect A Significant Rally If The Coin Price Reclaims The $670 Resistance

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The BNB coin presents an overall uptrend in its technical chart. This coin has recently obtained good support from the $510 mark, and now it aims to breach the All-Time High resistance of the $670 mark. The crypto traders could wait for the price to give a decisive breakout from this level to expect a strong directional rally.

Key technical points:

  • The BNB coin obtains dynamic support from the 50-day EMA line
  • The daily RSI chart shows a striking drop concerning the coin’s price action
  • The intraday trading volume in the BNB coin is $3.01 Billion, indicating a 36.1% gain

TradingView ChartSource- BNB/USD chart by Tradingview

The BNB coin indicated an excellent opportunity for crypto traders when the price breached its previous swing high resistance of $520 on October 29th. The coin started rallying and retested the ATH resistance of $670 only to face strong resistance from this level.

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Thus, the rally entered a correction phase, which dropped the price back to the $520 mark, this time to obtain proper support from it. The coin displays sufficient support from this level in order to resume this uptrend.

The exponential moving average(EMAs) confirms a bullish trend in the BNB coin, as its price is trading above the 20, 50, 100, and 200 EMA lines. Moreover, The Relative Strength Index(74) displays a significant drop in its RSI line, which must have stabilized the coin to continue its rally.

BNB/USD Chart In The 4-hour Time Frame

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TradingView ChartSource- BNB/USD chart by Tradingview

This lower time frame chart shows a steady rally in the BNB coin. Moreover, the coin price seems to be respecting the level of an ascending trendline leading this uptrend since late September. 

Thus, crypto traders can use this support trendline to find good long entry opportunities. However, this will also serve as a great early signal if the price starts moving otherwise.

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