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- The Binance team has unveiled several initiatives in the recent past geared towards revitalizing the BSC ecosystem and fueling the mainstream adoption of BNB ahead.
- BNB price is well positioned for midterm recovery as Binance reenters the Indian market among other global markets.
Following the recent extreme negativity and fear toward Bitcoin (BTC) holding that has resulted in notable crypto liquidations, Binance native coin (BNB) price has dropped to the last three-month consolidation phase.
The large-cap altcoin, with a fully diluted valuation of around $93 billion and an average daily traded volume of approximately $934 million, has dropped over 15% in the past two weeks. The coin trades at about $600 at the time of this report.
BNB Price Prepares for New ATH Soon
The Binance’s native coin recently rallied to its all-time high of around $717 earlier this month, coinciding with the four-month imprisonment for Changpeng Zhao (CZ). The altcoin has retained its fourth position in terms of market cap despite the heightened competition from other crypto projects such as Solana (SOL).
The global Binance community, which has largely remained bullish in the past, has helped bolster BNB’s liquidity and high trading volume. Furthermore, BNB’s price against the US dollar attempts to convert the resistance level around $625 to a support level.
If BNB’s price consistently closes above the resistance level of around $625, the altcoin will be well-positioned to enter its parabolic phase for the ongoing macro bull run. Moreover, BNB’s weekly Relative Strength Index (RSI) has hovered around the 70 levels following the golden cross between the 50 and 200 weekly Simple Moving Averages (SMA).
In the short term, BNB’s price aims for the liquidity range between $761 and $974, which coincides with the weekly 2.618 and 3.618 Fibonacci Extension.
Why Bet on Binance Rally Ahead
The Binance network has grown into a robust ecosystem over the years due to its policy of customer protection unlike some of its peers such as defunct FTX. The Binance ecosystem consists of a vibrant web3 ecosystem, with more than $5 billion in total value locked (TVL) and over $5 billion in stablecoins market cap.
Recently, the Binance cryptocurrency exchange reached 200 million global registered users, thus holding its title as the largest web3 firm. In a bid to retain its status, the Binance team has unveiled several initiatives geared towards incentivizing users and developers to adopt its vast web3 infrastructure.
As Crypto News Flash recently reported, Binance Labs and BNB Chain have collaborated with top venture capital firms to launch the BNB Incubation Alliance (BIA) to nurture early-stage blockchain projects. Additionally, the BNB Chain recently launched its third chapter of the Airdrop Alliance program to reward the BNB holders.
Market Picture
The Binance ecosystem has become an integral part of the web3 industry, more so in non-western nations. With the ongoing mainstream adoption of digital assets and web3 projects through favoring crypto regulations, it is safe to assume that we are in a super bull cycle.
