- The price of BNB began Thursday’s trading at $570, marking its strongest opening of the week.
- In a recent update on X, it was revealed that Binance secured a $2 billion investment from the Dubai-based firm MGX.
- Increasing trading volumes indicate that BNB prices may continue to rise before encountering significant resistance.
On Thursday, the BNB price peaked at $574 as market reactions followed the news of considerable investments from a firm based in Abu Dhabi. Analysis of derivative markets reveals how BNB traders are adjusting their positions in response to the latest shifts in market sentiment.
BNB reaches a three-day high, driven by $2B investment from Dubai and demand for exchange tokens
Binance Coin (BNB) has climbed to a 10-day high, driven by two significant factors: a $2 billion investment from MGX in Abu Dhabi and a renewed demand for exchange tokens. While major cryptocurrencies like ETH and PEPE also reacted positively to the recently released U.S. inflation data, BNB’s ascent is particularly notable due to these dual drivers.
BNB price action | March 13
The chart illustrates that BNB began Thursday’s trading at $570, indicating the strongest opening this week.
Looking at broader trends, BNB is currently trading at $573, marking a 13% increase from the recent low of $507 that was observed on Tuesday.
“This investment by MGX represents a significant step forward for the cryptocurrency sector and Binance. Together, we are shaping the future of digital finance. Our aim is to cultivate a more inclusive and sustainable ecosystem, prioritizing compliance, security, and user protection. Binance remains dedicated to collaborating with regulators globally to promote transparent, accountable, and innovative policies for the cryptocurrency industry. Our continued focus on security and compliance reinforces our mission to create a secure and trustworthy digital financial landscape.”
– CEO, Richard Teng
The bullish trend for BNB aligns with an increasing interest in exchange tokens, as investors seek exposure to platforms characterized by substantial liquidity and regulatory clarity.
Binance’s position as a market leader—managing over $100 trillion in cumulative trading volume—bolsters confidence in the long-term prospects of BNB.
As the UAE cements its status as a crypto hub, this investment could enhance the demand for the BNB native token throughout the Middle East and Asia.
As BNB approaches resistance at $570, the token seems poised for additional upward movement.
Exchange tokens typically flourish in bullish conditions, and with institutional funds backing Binance’s growth, BNB may be close to experiencing another significant surge.
BNB Price Forecast: Could a $600 breakout be on the horizon if key support levels hold?
The BNB price shows bullish potential after reclaiming the midline of the Donchian Channel, indicating renewed buying interest.
The recent 13.44% increase over four 12-hour candles highlights growing momentum, bolstered by the recovery from the lower boundary at $507. Should the bulls maintain this upward trend, the next significant challenge lies at $612.
BNB Price Forecast
In addition, the Accumulation/Distribution Line (ADL) remains stable, suggesting consistent liquidity influx rather than aggressive selling activity.
However, a failure to stay above $559—the median of the channel—may result in temporary pullbacks, as bears might attempt to retest $507, the local low formed earlier this week.
Nonetheless, prevailing positive market sentiment suggests that the U.S. Federal Reserve may delay rate hikes.
A successful breakout above $612 could induce a short squeeze affecting over-leveraged bearish traders who took aggressive positions when the market experienced a downturn last week.
However, bulls must establish strength above $574 to dispel bearish sentiment and assert their dominance.