BNB has surged to $578, fueled by a record-breaking $2 billion institutional investment from Abu Dhabi’s MGX.
By Parth Dubey
Updated
2 mins read
Binance Coin BNB $586.6 24h volatility: 1.6% Market cap: $85.58 B Vol. 24h: $449.69 M emerged as a standout performer on 13 March amid the broader crypto market downturn. The token has climbed to $578, recording a 4.5% gain in the past 24 hours.
The price increase coincides with Abu Dhabi-based MGX’s first institutional investment in the exchange, committing $2 billion. Not only is this the largest investment in a cryptocurrency firm to date, but it is also the largest investment ever made using cryptocurrency.
BNB Chain also announced that it is ramping up its ecosystem growth efforts, allocating $4.4 million in liquidity across all sectors, starting 13 March. The new round of funding is expected to drive further adoption and utility across the BNB ecosystem.
Alongside its price increase, the BNB market capitalization has also surged 4.3%, reaching $82.6 billion.
On the daily BNB price chart, the MACD is still showing bearish momentum. However, it has begun to see a reduction in negative histogram bars. If the MACD line crosses above the signal line in the coming days, it could confirm a bullish trend shift.
Meanwhile, the Accumulation/Distribution indicator shows signs of rising, suggesting that buyers are buying the token despite recent market downturns.
BNB has also bounced off the lower band of the Bollinger Bands, a level often associated with oversold conditions. If the price moves toward the middle band (around $596), it could indicate further upside potential.
The Relative Strength Index (RSI) hovers at 40. While not yet in oversold territory, this level suggests that downward pressure may be easing.
BNB currently faces resistance at $600 and $620, with stronger resistance at $660 if momentum continues to build. Interestingly, the BNB daily price chart is showing signs of a potential double bottom pattern near $520, a strong reversal signal. If confirmed, this could send the token to higher resistance levels.
On the other hand, support is seen at $560, with further safety nets at $520 and $480, if sellers regain control.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
