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  • BNB Chain Memecoin Season? 70% Of Investors In Profit As Four.Meme Surpasses Pump.Fun

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    As BNB’s price records a massive 30% rally, the BNB Chain ecosystem also experiences a remarkable performance, fueled by Chinese-themed memecoins launched on the Four.meme launchpad.

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    BNB Chain Momentum Steals Memecoin Spotlight

    Amid BNB’s run to the $1,300 barrier, the BNB Chain ecosystem is experiencing a memecoin frenzy, with multiple BNB Chain-based tokens gaining significant traction over the past few days.

    Notably, the ongoing momentum has seen tokens like Palu (PALU), 币安人生 (BinanceLife), 4 (FOUR), PUP (PUP), and CZ’s Dog (BROCCOLI) record massive rallies.

    According to DeFiLlama data, the BNB Chain-based memecoin launchpad, Four.meme, has overtaken Pump.fun, Solana’s leading launchpad, in daily revenue.

    In the past 24 hours, Four.meme has gained around $1.4 million in revenue, surpassing Pump.fun’s $885,420. Meanwhile, CoinGecko data shows that the Four.meme ecosystem tokens have surged around 88% to an overall market capitalization of $1.044 billion and a daily trading volume of $963.4 million.

    Four.meme flips Pump.fun in daily revenue. Source: DeFiLlama

    Nonetheless, the Solana-based launchpad continues to lead in higher timeframes, with weekly and monthly revenues of $8.34 million and $40.9 million, respectively. Binance co-founder and former CEO Changpeng Zhao, also known as CZ, highlighted the recent memecoin frenzy in the BNB Chain.

    On Tuesday, CZ acknowledged the “BNB meme szn” on X, affirming, “I didn’t expect this at all.” On-chain analytics platform Bubblemaps declared that the “BNB memecoin szn is real,” noting that over 100,000 on-chain traders bought into the new memecoin frenzy, with 70% of them being in profit.

    As the platform detailed, 21,000 investors have made over $1,000, while 900 have earned over $100,000 with the leading tokens. Meanwhile, 40 traders have made over $1 million, and one has profited more than $10 million.

    Can BNB’s Memecoin Season Last?

    A crypto community member weighed in on how long the ongoing memecoin trend could last and whether it was worth participating in it. According to the X post, the investor considers that the BNB Chain tokens frenzy might continue, arguing that “this time is different.”

    Following the rapid surge of BinanceLife, which has reached a market cap of $372 million in less than a week, the investor listed multiple reasons why BNB Chain’s memecoin season could last for a while.

    They argued that “CZ and He Yi won’t let this wave fade easily,” suggesting that they will “likely keep pushing it forward.” The investor pointed out that the ecosystem is more mature and capital is more abundant. Previously launched memecoins “aimed” for a Binance listing, while the new project’s exit path is clearer.

    “First generate hype through reposts, then launch on Alpha, followed by listing on Aster spot and Binance spot—each step driving upward momentum in a relentless surge,” they explained.

    Lastly, the investor argued that the rules have changed, as this Memecoin bull run is spearheaded by the Chinese-speaking community, who “stand at the crest of the wave” this time.

    “Those who embrace change swiftly profit first; Those with biases neither gain nor lose,” they concluded.

    BNB, BNBUSDT
    BNB’S performance in the one-week chart. Source: BNBUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

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    Rubmar Garcia

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  • BNB Price Hits $1,240 Record High: Partners With Chainlink For On-Chain US Economic Data

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    The BNB price continues to defy broader market trends, reaching an impressive new peak of $1,240 to kick off the week and solidifying its status as one of the top performers in the cryptocurrency industry. 

    BNB Chain Partners With Chainlink 

    Over the past 30 days, the BNB price has recorded an impressive 41% gain, driven in part by a recent collaboration between BNB Chain and Chainlink (LINK), dubbed as one of the market’s leading oracle providers. 

    This partnership was publicly announced on Monday on social media platform X (formerly Twitter), where Chainlink revealed that BNB Chain had adopted its data standard to make official US Department of Commerce data available on-chain. 

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    The data sourced from the Bureau of Economic Analysis will enable Chainlink Price Feeds to deliver critical macroeconomic indicators directly to BNB Chain. 

    These indicators include key metrics like Gross Domestic Product (GDP), the Personal Consumption Expenditures (PCE) Price Index, and Real Final Sales to Private Domestic Purchasers. 

    Chainlink asserts that the availability of such data opens up a series of new possibilities for developers, allowing for the creation of new types of digital assets, prediction markets that leverage transparent economic inputs, and perpetual futures markets grounded in official government statistics. 

    Furthermore, decentralized finance (DeFi) protocols can improve their risk management strategies by aligning them with real-world economic conditions.

    BNB Price Target Raised To $1,500 

    Market expert Crypto King has been vocal about the BNB price trajectory, asserting that the token is demonstrating a clear trend of upward momentum. 

    He identified three significant breakout phases: one in July that sparked a strong rally, a second in September, and the current breakout, which he believes is building toward new highs. Crypto King has set an ambitious target of $1,500 for Binance Coin, suggesting that this structural climb is anything but random.

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    However, not all market analysts share the same optimism. Another expert, known as Crypto Claws on X, has issued a cautionary note, warning that if the current momentum fizzles, a correction toward the $700 range by December could be on the horizon. 

    This scenario would imply a potential 43% decline for the BNB price, raising concerns about the token’s technical structure and the likelihood of a necessary pullback before the next significant bullish leg.

    In addition to the BNB price performance, other cryptocurrencies are also following the token’s lead. Bitcoin (BTC) has surged past the $125,000 mark, achieving a new record, while Ethereum (ETH) is just 5% shy of breaking its previous high. 

    Meanwhile, Chainlink’s native token, LINK, remains well below its all-time high of $52.70, currently trading just under $23—a gap of nearly 57% that suggests room for growth.

    The daily chart shows BNB’s price trending upwards. Source: BNBUSDT on TradingView.com

    Featured image from DALL-E, chart from TradingView.com 

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    Ronaldo Marquez

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  • BNB Price Holds Its Uptrend – Key Levels That Could Trigger More Gains

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    Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

    From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
    As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

    In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

    Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

    Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

    At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

    In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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    Aayush Jindal

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  • BNB Price Reclaims $600 and Bulls Could Now Aim For New 2024 High

    BNB Price Reclaims $600 and Bulls Could Now Aim For New 2024 High

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    BNB price is attempting a fresh increase from the $550 zone. The price cleared the $600 resistance and might extend its increase above $630.

    • BNB price started a fresh increase after it cleared the $550 resistance zone.
    • The price is now trading above $580 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair (data source from Binance).
    • The pair could gain bullish momentum if it clears the $608-$610 resistance zone.

    BNB Price Gains Strength

    After forming a base above the $520 level, BNB price started a fresh increase. There was a steady increase above the $550 and $565 resistance levels, like Ethereum and Bitcoin.

    The bulls pushed the price above the $580 pivot level and the 61.8% Fib retracement level of the downward wave from the $630 swing high to the $512 low. More importantly, the price is now trading above $580 and the 100 simple moving average (4 hours).

    It is consolidating just above the 76.4% Fib retracement level of the downward wave from the $630 swing high to the $512 low. There is also a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair.

    Source: BNBUSD on TradingView.com

    Immediate resistance is near the $608 level. The next resistance sits near the $630 level. A clear move above the $630 zone could send the price further higher. In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger increase toward the $680 resistance. Any more gains might call for a test of the $720 level in the coming days.

    Are Dips Supported?

    If BNB fails to clear the $608 resistance, it could start a downside correction. Initial support on the downside is near the $592 level and the trend line.

    The next major support is near the $585 level. The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 level.

    Technical Indicators

    4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

    Major Support Levels – $592, $585, and $570.

    Major Resistance Levels – $608, $630, and $650.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • BNB Price Breaks $600, Why Bulls Could Now Aim New ATH

    BNB Price Breaks $600, Why Bulls Could Now Aim New ATH

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    BNB price is gaining bullish momentum above the $550 resistance. The price is showing positive signs and might extend its rally above $650.

    • BNB price is up over 15% and it broke the $600 resistance zone.
    • The price is now trading above $580 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support at $598 on the 4-hour chart of the BNB/USD pair (data source from Binance).
    • The pair could continue to rise toward the $650 resistance zone or even $700.

    BNB Price Extends Rally

    In the last BNB price prediction, we discussed the chances of more gains above the $500 resistance zone. The price continued to rise and broke many hurdles near the $550 level.

    BNB is now outperforming Bitcoin and Ethereum with a move above the $580 resistance. It is up over 10% today and trading above $600. A high was formed near $633 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $364 swing low to the $633 high.

    The price is now trading above $600 and the 100 simple moving average (4 hours). Immediate resistance is near the $625 level. The next resistance sits near the $635 level. A clear move above the $635 zone could send the price further higher.

    Source: BNBUSD on TradingView.com

    In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger increase toward the $700 resistance. Any more gains might call for a test of the $780 level in the coming days.

    Dips Limited?

    If BNB fails to clear the $635 resistance, it could start a downside correction. Initial support on the downside is near the $600 level and the trend line.

    The next major support is near the $570 level. The main support sits at $500 or the 50% Fib retracement level of the upward move from the $364 swing low to the $633 high. If there is a downside break below the $500 support, the price could drop toward the $450 support. Any more losses could initiate a larger decline toward the $420 level.

    Technical Indicators

    4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

    Major Support Levels – $600, $570, and $500.

    Major Resistance Levels – $635, $650, and $700.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • BNB Price Increase To Continue? This Resistance Could Trigger Fresh Rally

    BNB Price Increase To Continue? This Resistance Could Trigger Fresh Rally

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    BNB price is attempting a fresh increase from the $288 zone. The price could start a fresh rally if there is a clear move above the $310 resistance.

    • BNB price is showing bullish signs above the $300 pivot level.
    • The price is now trading below $310 and the 100 simple moving average (4 hours).
    • There is a key bearish trend line forming with resistance near $306 on the 4-hour chart of the BNB/USD pair (data source from Binance).
    • The pair gather bullish momentum if there is a close above the $308-$310 resistance zone.

    BNB Price Eyes Fresh Rally

    In the past few days, BNB price started a decent increase and cleared the $300 resistance zone, unlike Bitcoin and Ethereum. There was a move above the $305 level before the bears appeared.

    A high was formed near $313 and the price recently started a downside correction. There was a move below the $308 level. The price declined below the 50% Fib retracement level of the upward move from the $287 swing low to the $313 high.

    BNB is now consolidating near $305 and the 100 simple moving average (4 hours). Immediate resistance is near the $308 level. There is also a key bearish trend line forming with resistance near $306 on the 4-hour chart of the BNB/USD pair.

    Source: BNBUSD on TradingView.com

    The next resistance sits near the $310 level. A clear move above the $310 zone could send the price further higher. In the stated case, BNB price could test $320. A close above the $320 resistance might set the pace for a larger increase toward the $335 resistance. Any more gains might call for a test of the $350 level.

    Another Decline?

    If BNB fails to clear the $310 resistance, it could continue to move down. Initial support on the downside is near the $300 level. The next major support is near the $292 level or the 76.4% Fib retracement level of the upward move from the $287 swing low to the $313 high.

    The main support sits at $288. If there is a downside break below the $288 support, the price could drop toward the $275 support. Any more losses could initiate a larger decline toward the $262 level.

    Technical Indicators

    4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

    Major Support Levels – $300, $292, and $288.

    Major Resistance Levels – $308, $310, and $320.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Binance Sets New Record: Spot Trading Volume Reaches $427 Billion

    Binance Sets New Record: Spot Trading Volume Reaches $427 Billion

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    According to a recent CoinGecko report, Binance, the world’s largest centralized exchange (CEX) by trading volume, has retained its market leadership position in 2023. 

    Despite facing increased regulatory scrutiny and undergoing significant leadership changes, Binance maintained a market share of 43.7% and saw its spot trading volume rise to $427.1 billion in December 2023, representing a 37.5% month-on-month (MoM) increase.

    Binance Trading Volume Reached $3.8 Trillion In 2023

    According to CoinGecko’s report, Binance started the year with a commanding 63.5% market share but experienced a gradual decline throughout 2023, ending with a 43.7% market share in December. 

    While Binance still dominated the market with 52.6% of the total spot trading volume in 2023, the exchange’s relative market share decline was notable. In absolute terms, Binance generated $3.8 trillion in trading volume throughout the year.

    Total trading volume of the top 10 DEXs in 2023. Source: CoinGecko

    As previously reported, Binance faced significant regulatory pressure throughout 2023, culminating in a settlement agreement in November that required the exchange to pay a $4.3 billion fine to the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CTFC) for alleged financial breaches. 

    As part of the settlement, Binance’s CEO, Changpeng Zhao (CZ), also agreed to step down. Richard Teng has assumed the role of the company’s head, while CZ remains restricted from traveling outside the jurisdiction of the United States as the legal battle unfolds. 

    Upbit And OKX Follow Closely

    Upbit, South Korea’s largest cryptocurrency exchange, managed to maintain its position as the second-largest centralized exchange in 2023, with a 9.5% market share and $687.0 billion in spot trading volume for the year.

    According to the report, Upbit benefited from the Kimchi Premium, which resulted in strong local demand and premium prices for crypto assets. 

    The exchange’s monthly spot trading volume hit a yearly high of $90.7 billion in December, with a 93.5% quarter-on-quarter (QoQ) increase.

    Conversely, OKX secured the third position among centralized exchanges in 2023, with a 6.7% market share and $485.9 billion in trading volume. Throughout the year, OKX experienced a steady increase in market share, starting at 5.1% in January and ending at 8.9% in December. The exchange’s trading volume in Q4 reached $177.9 billion, reflecting a notable 151.6% QoQ gain.

    Among the top 10 centralized exchanges, CoinGecko reports that MEXC recorded the highest growth in Q4 2023, with trading volume surging by 203.7% to $90.4 billion. 

    Bybit followed closely with a growth rate of 162.1% ($107.5 billion), while KuCoin experienced a growth rate of 161.2% ($49.2 billion). KuCoin regained its spot in the Top 10 in Q4 after briefly losing it in Q3, with a market share of 3.3% at the end of December.

    Binance
    BNB’s price consolidation is above $300 on the 1-D chary. Source: BNBUSDT on TradingView.com

    Binance Coin (BNB) has successfully maintained its position above the $300 threshold, with the current trading price standing at $304. This represents a 1.8% decrease in price over the past 24 hours.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • BNB Price Prediction – Why Bulls Could Aim Fresh Rally To $350

    BNB Price Prediction – Why Bulls Could Aim Fresh Rally To $350

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    BNB price is holding gains above the $300 pivot level. It is showing positive signs and might rally toward the $350 resistance zone.

    • BNB price is moving higher above the $300 resistance.
    • The price is now trading near $310 and the 100 simple moving average (4 hours).
    • There is a key declining channel or a bullish flag pattern forming with resistance near $325 on the 4-hour chart of the BNB/USD pair (data source from Binance).
    • The pair might continue to move up if there is a clear move above $315 and $325

    BNB Price Aims Higher

    After a major increase, BNB price faced resistance near the $340 zone. The price started a downside correction and recently tested the $290 zone. A low was formed near $289, and the price is now attempting a fresh increase, like Bitcoin and Ethereum.

    There was a move above the $295 and $300 levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $332 swing high to the $289 low. BNB is now trading near $310 and the 100 simple moving average (4 hours).

    The current price action is positive and signals more upsides. Immediate resistance is near the $315 level. It is close to the 61.8% Fib retracement level of the downward move from the $332 swing high to the $289 low.

    The next resistance sits near the $322 level. There is also a key declining channel or a bullish flag pattern forming with resistance near $325 on the 4-hour chart of the BNB/USD pair. A clear move above the $225 zone could send the price further higher.

    Source: BNBUSD on TradingView.com

    In the stated case, BNB price could test $340. A close above the $340 resistance might set the pace for a larger increase toward the $350 resistance. Any more gains might call for a test of the $375 level.

    Downside Correction?

    If BNB fails to clear the $322 resistance, it could start a downside correction. Initial support on the downside is near the $300 level.

    The next major support is near the $292 level. The main support sits at $288. If there is a downside break below the $288 support, the price could drop toward the $262 support. Any more losses could initiate a larger decline toward the $250 level.

    Technical Indicators

    4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

    Major Support Levels – $300, $292, and $288.

    Major Resistance Levels – $315, $322, and $325.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Binance 2023 Report Reveals: 40 Million New Users Added, Total Registered Users Reach 170 Million

    Binance 2023 Report Reveals: 40 Million New Users Added, Total Registered Users Reach 170 Million

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    In its recently released 2023 review report, Binance, the world’s leading cryptocurrency exchange, showcased significant growth despite facing legal disputes and regulatory scrutiny. 

    The report highlighted the evolving crypto market, increasing institutional interest, and the company’s commitment to compliance and user experience.

    Binance’s 2023 Review

    Despite a volatile year for the market, Binance emphasized that digital asset regulation had taken a direction toward greater clarity and harmonization in some regions. 

    The exchange acknowledged the challenges but noted that Web3 adoption and institutional interest continued to grow steadily, demonstrating the industry’s resilience and long-term potential.

    Regarding growth within the company, Binance Square, formerly known as Binance Feed, was introduced as a social platform designed to be the central hub for Web3 content. 

    According to the report, the platform experienced substantial growth, expanding from 1,200 to 11,000 creators and attracting over 1.6 million active daily users. Binance Square aimed to facilitate conversations and enable users to generate “compelling content,” fostering engagement within the Web3 community.

    In October, Binance Futures launched its Copy Trading feature, allowing users to replicate the trading strategies of expert lead traders. This feature provided a monetization avenue for trading experts and added a social aspect to the trading experience of the platform users.

    Binance’s users surpass 170 million. Source: Binance 2023 report

    Furthermore, Binance continued its support of fiat currencies, reaching 69 supported fiat currencies with 30 fiat channels available globally. 

    Binance P2P, the peer-to-peer trading platform, expanded the number of supported payment methods to 970 and fiat currencies to 112. The report highlights that the platform facilitated 18% more trades with 39% more users than the previous year.

    The report further noted Binance’s commitment to compliance, with a significant investment of $213 million in its compliance program, a 35% increase from the previous year. 

    Binance allocated substantial resources to develop in-house compliance tools, including a case management system and an internal transaction monitoring engine. 

    Is Binance Leading The Way In Crypto Venture Funding?

    Per the report, in 2023, Binance focused on enhancing user experience by partnering with localized KYC (know-your-customer) vendors and implementing various electronic ID (eID) solutions globally. 

    The exchange added support for 298 new ID and proof-of-address documents across 64 countries, streamlining the onboarding process for users.

    To make Web3 “more accessible,” the report notes that Binance launched its Web3 Wallet, which aims to provide a “secure” gateway into the world of decentralized finance (DeFi). The platform aimed to address usability barriers and attract new users by offering improved product and user experience across DeFi, blockchain gaming, and SocialFi.

    Ultimately, while the crypto venture funding market faced challenges in 2023, Binance Labs emerged as one of the most active participants in the crypto venture capital (VC) space, particularly in the DeFi and Web3 gaming sectors, according to the exchange.

    Overall, Binance’s 2023 Review Report highlights the company’s focus on compliance, user experience, and expanding Web3 offerings as key to continued growth despite ongoing legal issues and regulatory enforcement actions.

    Binance
    The 1-day chart shows BNB’s uptrend. Source: BNBUSDT on TradingView.com

    As of the current update, Binance Coin (BNB) demonstrates a significant upward trend in price action, surging to $330. This surge represents a 21% increase over the past seven days.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Binance Coin (BNB) Blazes Ahead: Predictions Point To New All-Time Highs In First Half Of 2024

    Binance Coin (BNB) Blazes Ahead: Predictions Point To New All-Time Highs In First Half Of 2024

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    Binance Coin (BNB), despite experiencing a significant decline earlier this year due to market volatility and the SEC lawsuit against Binance and its founder Changpeng Zhao (CZ), has shown remarkable recovery and promising prospects. 

    Recent data indicates a resurgence in the BNB price, driven by the growing usage of decentralized applications (DApps) on the Binance Smart Chain (BSC). 

    Additionally, BNB’s fundamentals, including impressive market cap figures and increased revenue, further contribute to the positive momentum. 

    BNB Price Rally Fueled By DApp Adoption? 

    After witnessing a sharp decline from its yearly high of $350, BNB experienced a drop to the $203 level following the SEC lawsuit against Binance and CZ. However, recent price movements show signs of recovery and bullish sentiment. 

    Over the past 24 hours, BNB has gained 4.5%, and its performance in the seven, fourteen, and thirty-day time frames demonstrates an upward trend, with gains of 20%, 24%, and 38%, respectively.

    One of the driving factors behind BNB’s price rally is the increasing use of DApps on the Binance Smart Chain. Data from DappRadar reveals a surge in DApp volume, currently at $4.83 billion, representing a 12% increase. 

    The BNB chain boasts an ecosystem of 5,120 DApps and has recorded 4.89 million transactions, reflecting a 12.73% surge in the past seven days. These figures indicate a growing demand for BNB as it serves as the primary token within the BSC ecosystem.

    BNB Chain’s stats. Source: DappRadar

    Comparing BNB to Ethereum (ETH), DappRadar data highlights BNB’s superior performance in various indicators such as contracts, total unique active wallets (UAW), decentralized finance (DeFi) total value locked (TVL), and non-fungible token (NFT) volume. 

    The BNB chain has held the top position over the past 24 hours, showcasing its usage and adoption. This outperformance contributes to the positive market sentiment surrounding BNB and bolsters its price.

    Binance Coin Market Cap Surges To $48 Billion

    Further boosting the Binance Coin prospects, Token Terminal data reveals impressive market cap figures for BNB, with a circulating market cap of $48.02 billion, marking a 14.18% increase. 

    Additionally, BNB’s fully diluted market cap stands at the same value, reflecting a 28.32% growth. The revenue generated by BNB in the past 30 days has increased by 28.51%, reaching $1.47 million. 

    Furthermore, BNB has recorded significant fee growth, with a 27.98% fee increase over the past 30 days and an annualized revenue of $187.56 million. These fundamentals contribute to the positive sentiment surrounding BNB.

    Overall, Binance Coin has staged a strong recovery, demonstrating a notable price rally driven by the increasing usage of DApps on the Binance Smart Chain. However, there is a bold prediction by a crypto analyst that could further boost the sentiment and excitement surrounding the token.

    Binance Coin To Reach New Yearly High? 

    According to Captain Faibik, a prominent crypto analyst on X (formerly Twitter), Binance Coin is poised to achieve a new yearly high in the first half of 2024. 

    This prediction is based on an analysis of BNB’s 1-week chart, revealing a breakout from a descending triangle pattern, signaling the end of the macro downtrend and initiating a new uptrend phase for BNB.

    Looking at the chart below, Faibik suggests that BNB’s price could potentially experience an impressive uptrend of 171% in the initial weeks of 2024. This surge would propel the token’s price above the current all-time high (ATH) of $686. 

    BNB
    BNB’s price projection. Source: Captain Faibik on X

    However, several resistance levels must be overcome for this projection to materialize. Notably, at the current trading price of $307, BNB faces a significant seven-month resistance barrier, which currently hinders its ascent to the $314 level, the next resistance level in the near term. 

    Analyzing the 1-day chart, it becomes evident that reaching the all-time high level would require surpassing additional macro resistance levels, including $329, $402, $450, $563, $607, $639, and $653.

    While the theory proposed by Faibik holds promise, the actual realization of Binance Coin’s new yearly high in the early months of 2024, along with a sustained uptrend, remains to be observed. 

    BNB
    The 1-day chart shows BNB’s price uptrend. Source: BNBUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • BNB Plummets 10% Amid Binance’s $4.3 Billion Settlement And CEO’s Impending Resignation

    BNB Plummets 10% Amid Binance’s $4.3 Billion Settlement And CEO’s Impending Resignation

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    Binance Coin (BNB), the native token of the Binance cryptocurrency exchange, has experienced a sharp decline of 10% following reports that Binance is preparing to settle criminal charges with the US Department of Justice (DOJ) through a $4.3 billion fine. 

    Binance CEO To Plead Guilty

    The Wall Street Journal has disclosed that Binance CEO Changpeng Zhao (CZ), commonly known as CZ, will plead guilty to violating criminal anti-money laundering requirements. 

    Concurrently, Binance will also plead guilty to a criminal charge related to anti-money laundering violations, resulting in a significant fine. Furthermore, CZ is expected to step down as CEO, with Richard Teng being considered as a potential successor.

    Changpeng Zhao is scheduled to appear before a federal court in Seattle to enter his guilty plea. This crucial legal step can further impact BNB’s price action as investors assess the implications of CZ’s admission of guilt regarding violating anti-money laundering requirements. 

    The reported settlement involves Binance pleading guilty to a criminal charge related to anti-money laundering violations, leading to a hefty $4.3 billion fine. This substantial sum encompasses payments to settle civil allegations made by regulators. 

    These developments occur in an increasingly stringent regulatory environment in the cryptocurrency industry. The recent charges brought by the SEC against Kraken further highlight the regulatory scrutiny faced by industry players. 

    Additionally, market participants anticipate significant enforcement actions by the DOJ, which adds to the atmosphere of uncertainty and apprehension.

    Will CZ’s Statement Halt BNB Downtrend? 

    Despite the shocking revelation surrounding Binance’s leadership and its impact on the crypto community, there may still be hopes for a potential recovery of Binance Coin and the overall crypto market as the case reaches its conclusion.

    With CZ reaching a settlement with the US Department of Justice (DOJ) and pleading guilty to criminal charges, the exchange can breathe a sigh of relief, knowing that regulatory agencies have addressed their concerns and potential legal action.

    Furthermore, this settlement could be seen as a victory for regulators, particularly in light of the ongoing legal battles between the US Securities and Exchange Commission (SEC) and Ripple Labs, which involve the cryptocurrency XRP. 

    A favorable outcome in these cases could potentially boost confidence in the broader crypto industry and drive prices higher.

    BNB’s pullback as CZ resigns as head of Binance on the daily chart. Source: BNBUSDT on TradingView.com

    Currently, BNB is trading at $240, showing signs of recovery from its recent drop, which briefly touched $235 but managed to stay above the critical support level of $232. 

    In further declines, BNB bulls will need to hold the support levels at $228, $217, and $214 to prevent the token from dropping below the critical level of $200.

    However, suppose Changpeng Zhao and the new Binance CEO can provide a statement that reassures the community and instills a sense of calm. In that case, it may bring a renewed positive sentiment and potentially halt the current downtrend for BNB.

    The unfolding of the situation, the next steps for the exchange, and CZ’s fate remain to be seen. The community and market participants eagerly await further developments and announcements shaping the future of Binance and its native token, BNB.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • BNB Price Momentum Reignites – Why Bulls Could Aim For 15% Rally

    BNB Price Momentum Reignites – Why Bulls Could Aim For 15% Rally

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    BNB price gained momentum and climbed above the $250 resistance. It is up over 5% and the bulls could soon aim for a move toward the $300 level.

    • BNB price is moving higher above the $250 resistance.
    • The price is now trading above $255 and the 100 simple moving average (4 hours).
    • There is a major bullish trend line forming with support at $253.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
    • The pair might continue to move up if there is a clear move above $268.

    BNB Price Jumps 8%

    These past few days, BNB price remained stable above the $240 resistance. The bulls stepped in and were able to clear a major hurdle at $250. It opened the doors for more upsides above $255.

    BNB gained traction and climbed above $260. It is up over 5% and outperforming both Bitcoin and Ethereum. A new multi-week high is formed near $267.9 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high.

    BNB is also trading above $255 and the 100 simple moving average (4 hours). Besides, there is a major bullish trend line forming with support at $253.5 on the 4-hour chart of the BNB/USD pair.

    Source: BNBUSD on TradingView.com

    If there is a fresh increase, the price could face resistance near the $265 level. The next resistance sits near the $268 level. A clear move above the $268 zone could send the price further higher. In the stated case, BNB price could test $280. A close above the $280 resistance might set the pace for a larger increase toward the $300 resistance.

    Downside Correction?

    If BNB fails to clear the $265 resistance, it could start a downside correction. Initial support on the downside is near the $260 level. The next major support is near the $255 level.

    The main support sits at $253 or the trend line. It is close to the 50% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high. If there is a downside break below the $253 support, the price could drop toward the $245 support. Any more losses could initiate a larger decline toward the $238 level.

    Technical Indicators

    4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

    Major Support Levels – $260, $255, and $253.

    Major Resistance Levels – $265, $268, and $280.

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    Aayush Jindal

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  • BNB Price Shows Signs of Life But $250 Is The Key To More Upsides

    BNB Price Shows Signs of Life But $250 Is The Key To More Upsides

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    BNB price avoided a major decline below $200 and recovered against the US Dollar. It climbed above $235 and now faces many hurdles near $245 and $250.

    • BNB price is slowly moving higher toward the $250 resistance.
    • The price is now trading above $235 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support at $241.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
    • The pair might gain bullish momentum if there is a clear move above $250.

    BNB Price Recovers 10%

    These past few days, BNB price managed to start a recovery wave above the $220 resistance. The recent positive moves in Bitcoin, Ethereum, and other altcoins sparked a decent increase in BNB.

    There was a steady move above the $232 and $235 resistance levels. The price even climbed toward the $245 resistance. A high is formed near $245.8 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $222.5 swing low to the $245.8 high.

    BNB is also trading above $235 and the 100 simple moving average (4 hours). Besides, there is a key bullish trend line forming with support at $241.5 on the 4-hour chart of the BNB/USD pair.

    Source: BNBUSD on TradingView.com

    If there is a fresh increase, the price could face resistance near the $245 level. The next resistance sits near the $250 level. A clear move above the $250 zone could send the price further higher. In the stated case, BNB price could test $265. A close above the $265 resistance might set the pace for a larger increase toward the $280 resistance.

    Downside Correction?

    If BNB fails to clear the $245 resistance, it could start a downside correction. Initial support on the downside is near the $240 level and the trend line.

    The next major support is near the $235 level or 50% Fib retracement level of the upward move from the $222.5 swing low to the $245.8 high. If there is a downside break below the $235 support, the price could drop toward the $226 support. Any more losses could initiate a larger decline toward the $220 level.

    Technical Indicators

    4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

    Major Support Levels – $240, $235, and $226.

    Major Resistance Levels – $245, $250, and $265.

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    Aayush Jindal

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  • Binance Facing Leadership Crisis? UK CEO Joins Wave Of Departing Executives | Bitcoinist.com

    Binance Facing Leadership Crisis? UK CEO Joins Wave Of Departing Executives | Bitcoinist.com

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    Per recent reports, Jonathan Farnell, the former Head of Binance UK and CEO of Bifinity, has parted ways with the company. This departure comes amid increased regulatory scrutiny from the Financial Conduct Authority (FCA), which has significantly impacted the operations of offshore cryptocurrency firms in the UK.

    Regulatory Crackdown Forces Binance Executives To Resign?

    Farnell joined Binance in May 2021 and took on the role of CEO of Eqonex, the holding company of crypto custodian Digivault, in 2022. This move aligned with a loan agreement that gave the exchange the authority to appoint a CEO from within Bifinity. During this period, Bifinity actively pursued the acquisition of Eqonex, but the deal eventually fell through. 

    Consequently, Eqonex entered voluntary liquidation in November 2022. Farnell’s LinkedIn profile indicated his position as CEO of Eqonex while employed at Binance.

    Farnell’s departure adds to the executive exits from Binance in recent months. In September, Gleb Kostarev, the Regional Head of Eastern Europe, Commonwealth of Independent States, Turkey, Australia, and New Zealand, and Vladimir Smerkis, the General Manager for the CIS region, both announced their resignations. 

    Additionally, Brian Shroder, the CEO of Binance.US, stepped down from his role and was temporarily replaced by Norman Reed, the Chief Legal Officer. These departures reflect Binance’s response to mounting regulatory pressure.

    Notable departures include Patrick Hillmann, the Chief Strategy Officer, Steven Christie, the Senior Vice President for Compliance, and Han Ng, the General Counsel. Eleanor Hughes has since assumed the role of General Counsel.

    Binance’s Regulatory Struggles

    Earlier this year, Binance.US encountered legal troubles when the US Securities and Exchange Commission (SEC) filed allegations against the exchange, Co-Founder Changpeng Zhao (CZ).

    The SEC accused them of mishandling customer funds, providing misleading information to investors and regulators, and violating securities regulations.

    The regulatory hurdles continued with the US Commodity Futures Trading Commission charging Binance and CZ with “willful evasion of federal law” in March, while the US Department of Justice initiated an investigation into the exchange’s operations. However, no criminal charges have been filed at this time.

    The departure of senior executives and the ongoing regulatory challenges Binance faces underscore the increasingly complex landscape for cryptocurrency exchanges. 

    As authorities worldwide tighten their grip on the industry, companies must navigate evolving regulations to maintain compliance and instill trust among investors and users.

    The company’s response to these challenges will be closely watched as it seeks to address regulatory concerns while providing services to its global user base. The cryptocurrency industry faces a pivotal moment, with heightened scrutiny shaping its future trajectory.

    BNB’s uptrend on the daily chart. Source: BNBUSDT on TradingView.com

    Binance Coin (BNB) is trading at $228, mirroring the upward trend of Bitcoin (BTC). BNB has experienced a significant surge of 4.2% in the past 24 hours.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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