Binance Coin (BNB) saw a very short jump after Binance reportedly announced that it secured a massive $2 billion investment from Abu Dhabi’s MGX group.
Right now, the crypto is trading at $559, up 1% in the last 24 hours. The market cap surged a bit as well, but only 1% as well, while the trading volume is still down by 31.578% recorded today.
This investment from MGX group is the largest single investment ever in any crypto firm. According to previous report, MGX will acquire a minority stake in the exchange, but this also solidifies its position as one of the leading crypto exchanges in the work. But can this new development help push BNB to $750, even if the market condition turns bullish?
BNB hit its all-time high in early December. It was trading for $750 at the time but had since lost 29%.
Looking at the daily chart, the price bounced a key support level at $511, that have been tested a couple of times. It was followed by a bullish candle, but today’s candlestick is showing a wick rejection to the downside. However, the price has left an oversold level on the RSI level. It’s currently at 38, with a lot of room for the Bulls to take control of the market.
Additionally, the chart shows a bullish flag pattern that has been forming since February. A bullish flag pattern is often an indicator that a rally could soon that, if the price breaks out of this pattern, its very posible to hit $750.
However, there’s a resistance level up at $721 that it would have to break to get to this target or even to a new high.
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