BNB traded at $ 1,200 on Wednesday, dropped 0.5% after slipping from a new highlight of all the time, which came after a market -covering liquidation event deleted approx. $ 500 billion from the crypto market.
The token, which is the native token of the BNB chain and can be used to pay for commercial fees on Binance, rebound from low close to $ 1,145 to heights around $ 1,237, suggesting that buyers remain active despite sustained macroeconomic uncertainty.
The BNB chain tried to strengthen confidence through a $ 45 million AirDrop initiative with Pancakewap and Trust, which rewards active community members to encourage trade activity. Binance himself announced a “together” together initiative “of $ 400 million, which it pointed to as an initiative to rebuild user confidence.
Binance’s stableecoin reserves, meanwhile, climbed to $ 44.6 billion, which up more than $ 3 billion since the month started, indicating investors keeping funds available instead of leaving the market completely.
At the same time, China Merchants Bank International (CMBI) Tokenized her USD money market fund on the BNB chain and issued two tokens, CMBMINT and CMBIMINT, for accredited investors via Digift and Onchain.
BNB’s Business Coumulation has also been underway. Earlier, Hong Kong-Listed Investment Bank China Renaissance was reported to plan an increase of $ 600 million for a listed crypto state box that focused exclusively on BNB.
Overview of Technical Analysis
BNB’s recent trade shows a solid floor that forms between $ 1,190 and $ 1,195, where buyers consistently entered during withdrawals. This area has served as reliable support, absorbing sales pressure and the prevention of deeper losses, according to Coindesk Research’s technical analysis data model.
On the head, the resistance has evolved about $ 1,215 to $ 1,220, which has stopped multiple breakout trials but not turned the wider recovery trend.
Trade volume during rebound more than doubled its 24-hour average, which confirmed that demand returned quickly after the liquidation episode.
The volume has since thinly near the top interval. This type of consolidation often goes prior to the continuation and suggests that BNB could try another push higher if the overall mood remains stable.
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