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The BNB price tumbled by 11% in the aftermath of an agreement between Binance and the Department of Justice to settle multiple criminal charges and traded down 9.5% at $233 as of 03:05 a.m. EST.
The slump came amid a day of high drama for the coin that is at the centre of the Binance ecosystem, with the resignation of founder and CEO Changpeng Zhao (CZ) as part of an agreement with the DoJ to settle charges of violating anti-money laundering laws and sanctions.
Binance agreed to pay a penalty of $4.3 billion, while Zhao will step down as CEO for three years and pay a fine of $50 million.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is…
— CZ 🔶 BNB (@cz_binance) November 21, 2023
BNB Price: Bullish Momentum Resilient Despite the Correction
BNB has experienced a surge, breaking free from a descending channel and exceeding the 200-day Simple Moving Average. The descending channel, marked by successive red lower lows and lower highs, came to an end at a strong support level of $205.
The solid support at $205 has empowered the bulls, leading to an overall upward trend in the price, achieving a new price high at $276, with a target of reaching $300 in the coming weeks, supported by the 200-day Simple Moving Average.
However, this high has turned out to be a resistance level for BNB as the bulls face rejection, allowing the bears to drive the price down following CZ’s news that he is stepping down as the CEO of the Binance crypto exchange.
The price has also breached below the 200-day simple moving average but remains above the 50-day SMA, currently trading at $227 and coinciding with the support zone, causing a rebound.
The Relative Strength Index (RSI) reinforces the positive outlook, with a rebound at 41 below the 50 neutral level mark, signaling mild buying pressure on BNB’s price that may push the RSI to the overbought zone of 70.
BNB Price: Bulls Aim for $300
Despite the short pullback, the bulls seem resilient as they drive the price, further supported by the RSI and the 50-day SMA. With a general bullish momentum, the bulls aim to increase the price, targeting the $300 milestone by the end of Q4 in 2023.
However, if the bears capitalize on the correction, a breach below $227 could revive bearish sentiment and result in a decline to the $205 support level.
Investors awaiting the best entry point to BNB might want to consider the Meme Kombat presale, which is in its final hours. This presale, along with its staking program, offers a potentially lucrative opportunity for those seeking returns during this period of market turbulence.
Buy Meme Kombat Now: Less Than 24 Hours Before Price Hikes
Meme Kombat (MK) is nearing its presale target of $2 million, having already raised $1.967 million. With time running out, investors have the opportunity to buy MK tokens at the current price of $0.205. This rate is set to increase to $0.214 in the next 24 hours, offering a narrow window for those looking to invest at the current lower price.
We hitting new heights this week?
🌕
.
☁️ . ☁️
.
🚀
🔥 pic.twitter.com/ggXZiNuak8— Meme Kombat (@Meme_Kombat) November 20, 2023
Eventually, MK tokens will be listed on major crypto exchanges at price of $0.274 in January 2024
Buy MK Tokens, Win In 10,000 USDT Giveaway Contest
By participating in the presale and purchasing $100 worth of MK tokens, you’re eligible to enter the ongoing 10,000 USDT giveaway contest, where you have the chance to win 1000 USDT.
Don't forget that we are going to be giving away 10,000 USDT when we hit $2 million raised in presale🤩
The time is drawing near, so get those >$100 buys in fighters!$MK pic.twitter.com/CRrn8lrZ0I
— Meme Kombat (@Meme_Kombat) November 20, 2023
The contest will continue until the presale hits its $2 million target. Meanwhile, participants have the opportunity to engage in meme battles, place bets on memes, and win various prizes. However, you should act quickly, as there is only $50,000 remaining to reach the $2 million goal.
Stake Your MK Tokens, Earn 112% APY
The game boasts features such as automated staking, a variety of betting options, and a thoughtfully designed tokenomics model to promote long-term sustainability.
By staking MK tokens, you can earn a substantial Annual Percentage Yield (APY) of 112%. Additionally, 30% of the meme kombats token supply has been allocated specifically for staking purposes, rewarding participants engaged in the thrilling meme battles.
Cilinix Crypto, a popular crypto YouTuber with over 36,000 subscribers, has reviewed Meme Kombat, explaining what the project is all about and its growth potential.
To capitalize on this presale opportunity, visit the official Meme Kombat website, connect your Web3 wallet, and buy MK tokens using BNB, ETH, or USDT.
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