Binance altered storing the industry recovery fund as stablecoins and moved it to BNB, ETH, and BTC. The crypto community believes that the decision could set off buying pressure. Binance CEO Changpeng Zhao announced on 13 March that the exchange would stop keeping the rest of the $1 billion recovery fund in stablecoin. CZ, as […]
In November 2022, Binance announced a recovery fund after the FTX contagion revealed that crypto firms were not void of collapse. The exchangeSwitching the store of value ends in…r and has now been forced to change the storage location. And keeping in another stablecoin or a “trusted” bank could pose even more risk because of the turmoil around these entities.
Before the disclosure, the BNB value had increased by 9.28% in the last 24 hours. This increase, accompanied by an all-around market revival helped the coin regain the $300 region. But is BNB capable of rejecting bearish desire in the short term? Indications from the daily chart showed that BNB was not entirely in a safety net because of the Directional Movement Index signs. At the time of writing, the -DMI was 22.01 while the +DMI was 27.64.Although the greens seemed higher, the Average Directional Index did not confirm a sustained movement yet. At press time, the ADX was 19.48. Since this indicator value was below 25, it meant that the BNB trend was not extremely strong.
However, the On-Balance-Volume seemed to be closing higher than the previous days. If maintained, it could carve out a bullish outcome for BNB depending on the investors’ sentiment.Further, the strife that hit the crypto topography last week could not hinder the BNB chain from registering landmarks with activities therein.Binance Coin’s [BNB] Price PredictionThe metric measures the number of users who make the most out of their crypto assets by trading.
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