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Established in July 2017, Binance claims the world’s largest cryptocurrency exchange title when measuring daily trading volume.
As the premier global cryptocurrency exchange, Binance has developed an extensive ecosystem of services and functionalities for its users. The Binance network includes several key components, including Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and research initiatives.
As a result, investors and traders harbor high expectations for the coin as they attempt to push its value above the $206 support zone. This effort has caused the coin’s daily trading volume by 4%, reaching $568 million.
However, as of the time of writing (5.33 a.m. EST), BNB is trading at $2.07, reflecting a 1% drop in the last 24 hours.
BNB is currently experiencing bearish momentum, characterized by a struggle between the bulls and bears, evident in the pattern of lower lows and lower highs. It trades within a falling channel, indicating the potential for an upward surge above the channel. If this point is reached, BNB could confirm the anticipated bull rally above the channel, aiming for the $321 resistance level.
However, there are several factors supporting the bearish sentiment. Price indicators, such as the 50-day and 20-day moving averages, are trading above the current price, at $214 and $261, respectively. Additionally, the moving average crossing at $298 on the daily chart confirms the bearish sentiment.
The 50-day simple moving average acts as immediate support for BNB. The relative strength index (RSI) rebounds from the neutral 50 positions, trending downwards at 39, indicating intense bearish pressure towards the oversold zone (30).
BNB Might Surge to the $250 Mark
There is a possibility that BNB might surge to the $250 mark, given its proximity to the upper boundary of the falling channel. However, overcoming the obstacle of the 50-day SMA will be crucial if the bulls rely on its support.
Conversely, all factors indicate a bearish sentiment, including the TSI and simple moving average indicators. While an upward movement remains possible, the bears may seize the opportunity presented by these hurdles and drive the price toward the channel’s lower boundary, potentially leading to a further bearish extension.
While the direction for BNB may not be entirely clear, you may want to consider BTCMTX, which offers an exciting presale offer and a stake-to-mine feature for the potential of high returns.
BTCMTX Presale Nears $1million
Bitcoin Minetrix (BTCMTX) has surged past the $900K milestone in its current presale, positioning itself as a potential crypto frontrunner. The project has gained attention from Bitcoin investors due to its new stake-to-mine system. The innovative vision driving this project is shaping the future of mining.
#BitcoinMinetrix has once more crossed a crucial milestone! 🚀
We have raised over $900,000. pic.twitter.com/zWvJsUwiBb
— Bitcoinminetrix (@bitcoinminetrix) October 10, 2023
Experts remain bullish on Bitcoin and the broader market, expecting a robust end-of-year rally. However, the new cryptocurrency continues to attract investors as its presale reaches $992,733, a few thousand dollars to touch the $1 million mark, as only five days remain till the presale ends.
Investors acquiring $BTCMTX tokens can stake them within an Ethereum-powered smart contract, receiving ERC-20 mining credits in return. These credits can be redeemed for a share of the yield or cloud mining time, leading to passive BTC rewards.
Earn Stake to Mine Rewards
Investors can start earning staking rewards even before the stake-to-mine app is developed. The Bitcoin Minetrix staking pool currently offers an APY exceeding 595%, with approximately 70 million tokens staked during the presale.
Navigating the #Crypto sphere alongside #BitcoinMinetrix! 🌐
Cloud mining = Cost efficiency!
Bid farewell to increased electricity bills and hardware needs.
Mining made simple. pic.twitter.com/fC1yuNJDVO
— Bitcoinminetrix (@bitcoinminetrix) October 10, 2023
This decentralized approach also helps to mitigate common scams and centralization risks often found in the cloud mining sector, giving investors complete control over their tokens. They can unstake and trade them at any time without the need for long-term contracts or cash deposits.
Jacob Crypto Bury, who manages a Discord channel with 17,000 members and over 22,000 YouTube subscribers, explains the mining and BTCMTX acquisition processes in detail on his YouTube channel. You can watch the Bitcoin Minetrix presale update here:
Additionally, Bitcoin Minetrix ensures long-term sustainability by allocating 35% of the token supply for marketing initiatives. Moreover, 42.5% of the tokens will support the development of the cloud mining operation, and 7.5% of the supply will provide staking rewards during the presale.
🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
The remaining 15% of tokens are set aside for community rewards. The project has also introduced a ‘Minedrop’ that includes a $30k airdrop. Ten lucky participants can win $BTCMTX tokens, each valued at $3,000.
Interested buyers can acquire the token using bank cards or by swapping ETH, BNB, or USDT for $BTCMTX on its official website, where each token is available for purchase at a rate of $0.011.
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