BNB Rises 4.5% After $2 Billion Investment by MGX
Binance Coin (BNB) Performance
- BNB rose to $578 on March 13, gaining 4.5% in 24 hours.
- MGX made a $2 billion institutional investment in Binance, marking the largest investment in a cryptocurrency firm and using cryptocurrency.
- BNB Chain is allocating $4.4 million in liquidity to enhance ecosystem growth starting March 13.
- BNB's market capitalization increased by 4.3%, reaching $82.6 billion.
BNB Price Outlook
- MACD shows bearish momentum but indicates potential trend reversal if it crosses above the signal line.
- Accumulation/Distribution indicator suggests increased buying interest despite market downturns.
- BNB has bounced off the lower Bollinger Bands, indicating possible upward movement towards $596.
- Relative Strength Index (RSI) at 40 suggests easing downward pressure.
- Resistance levels identified at $600, $620, and stronger at $660; support levels at $560, $520, and $480.
- A potential double bottom pattern near $520 could indicate a bullish reversal.
