Binance, the world’s largest crypto exchange, announced its new Launchpool project yesterday. Following this, four whales took action to take advantage of the benefits. The whales bought large amounts of BNB, pushing the token north. Amid these developments, analysts believe BNB is poised to continue its upward momentum.
Binance announces Scroll, 4 whales attack BNB!
As you have been following on Kriptokoin.com, Binance announced Scroll as its new Launchpool project. Following this announcement, four whales attacked to buy BNB to join the project. In total, the whales bought $112.4 million worth of BNB. Binance’s Launchpool projects provide airdrops to users who lock FDUSD and BNB. Thus, participants have the chance to earn altcoins equal to the locked amount. Analytics platform Lookonchain shared the following details of the development:
After Scroll (SCR) was announced on the Binance Launchpool, 4 whales borrowed 195,500 BNB ($112.4 million) from Venus and deposited it on Binance to participate in farming.
- 0x1e7f borrowed 65K BNB ($37.34M).
- 0x5c18 Borrowed 52K BNB ($29.9 million).
- 0xcd40 Borrowed 39.5K BNB ($22.7 million).
- 0x2d87 Borrowed 39K BNB ($22.4 million).
BNB sees growth in bullish momentum
Crypto analyst Abiodun Oladokun evaluates Binance Coin (BNB)’s technical indicators and technical outlook. At its current price, BNB is trading above its 20-day exponential moving average (EMA) and 50-day small moving average (SMA). An asset’s 20-day EMA measures its average closing price over the last 20 trading days. It is a short-term indicator that reacts quickly to price fluctuations. On the other hand, the 50-day SMA is a longer-term indicator that tracks the average closing price of the asset over the last 50 days.
BNB’s one-day chart shows that it broke above the 50-day SMA on October 4. It also reveals that it crossed the 20-day EMA during Tuesday’s trading session. When an asset breaks above the 50-day SMA and then breaches the 20-day EMA, it signals a shift in momentum towards a bullish trend.
Furthermore, according to Binance Coin (BNB)’s moving average convergence/divergence (MACD) indicator, the MACD line (blue) is preparing to cross the signal line (orange), confirming a bullish outlook. When an asset’s MACD, which tracks trend direction and potential price reversal points, is set in this way, it indicates that upside momentum is strengthening. This suggests that the asset may enter a sustained bullish phase.
BNB price prediction: The coin is on its way to the ATH level!
Continued demand for Binance Coin is pushing its price towards $598.90. This price acts as a long-term resistance level. The altcoin has experienced significant selling pressure at this price point since June. Also, every bullish attempt has failed. However, if the buying pressure subsides, it is also possible that BNB could lose its recent gains. In this case, a drop to the $522.90 support level is possible.
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