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The BNB price edged past the important psychological level of $250 to trade at $251.08 as of 6:25 a.m. EST after rising almost 2% in 24 hours.
Trading volume jumped 51% to $754.4 million.
BNB’s price experienced a bullish trend reversal in the last week of October, leading to a rally toward a local top of $257 on November 6 that has since been a rejection point, leading to price correction by the bears.
The important break past the $250 threshold follows the Binance Blockchain Week 2023 in Istanbul, which likely helped sentiment Investors keenly observe such key events for signals that significantly influence cryptocurrency prices.
Join us LIVE at Binance Blockchain Week Istanbul 2023 for an important announcement! https://t.co/5uR1TmqeJc
— tomiNet (@tomipioneers) November 8, 2023
BNB Price Soars Past the 200-Day SMA
BNBUSD Chart Analysis. Source: Tradingview.com
Binance Coin (BNB) price has experienced a significant upward surge, breaking out of a descending channel and surpassing the 200-day Simple Moving Average. The descending channel is apparent from a sequence of red daily candlesticks that concluded at a robust support level of $205 within the channel.
The $205 support level has established a solid base for the bulls, allowing them to take charge and sustain an overall upward trend in the price.
BNB Price Could Reach $300 this Year
BNB has made a significant breakthrough by escaping the descending channel. This sets the scene for the possibility of achieving new price highs in the weeks ahead, with the bulls striving to reach the $300 milestone. Supported by the 200-day Simple Moving Average (SMA), there is an opportunity for the bulls to capitalize on this situation and aim for a $300 price target by 2023.
Furthermore, BNB’s price has climbed above the 50-day and 200-day moving averages, presently trading at $219 and $247, indicating a continuation of the bullish trend.
The Relative Strength Index (RSI) contributes to the positive outlook, with the current reading at 71, placing it in the overbought zone, indicating intense buying pressure on BNB’s price.
BNB’s bullish sentiment is further confirmed by the RSI and the 50-day and 200-day Simple Moving Averages (SMAs). As the bullish momentum continues, the bulls are poised to push the price higher, aiming for the $300 target by the end of Q4 in 2023.
Nevertheless, BNB is presently facing resistance at $250, which has prompted a slight price correction initiated by bearish forces. Should the price decrease and breach the 200-day SMA, it will signify a revival of bearish sentiment, potentially resulting in a further decline to the $225 support level.
As investors await a favourable entry position for BNB price, they should consider investing in the Meme Kombat presale.
Meme Kombat (MK) Less Than $200k To Reach $1.5 Million Goal
The Meme Kombat token has sparked considerable interest in the meme coin community, with its presale reaching $1,356,137 as it swiftly closes in on its $1.5 million target, This accomplishment follows a highly effective presale campaign in this stage, which is set to conclude in less than 10 hours.
Meme Kombat transcends being merely a gaming platform; it serves as a collaborative ecosystem where blockchain enthusiasts, gamers, and stakeholders converge to delve into, compete in, and revel in an enriched gaming environment.
If $GROK had to fight in Kombat, who would beat it?
Also, what form would Grok take when fighting? pic.twitter.com/Rsi9h8eoRD
— Meme Kombat (@Meme_Kombat) November 8, 2023
Moreover, in the presale phase, individuals can allocate their tokens within the MK platform for meme-inspired competitions, providing them opportunities to reap rewards. The platform also provides a range of betting choices.
Last Call: Get MK Tokens Now Before A Price Increase
Meme Kombat’s latest presale stage is winding down, with less than 10 hours remaining. Once this period ends, the price will rise from its current $0.1833 to $0.189.
Take advantage of this opportunity to purchase now to secure your participation in the staking-to-earn and play-to-earn initiatives. These programs offer an appealing annual yield (APY) of 112%. Notably, 30% of the token supply has been designated for staking and battle rewards.
Users can also participate in collaborative betting, allowing them to partake in the winnings collectively. Shortly after its launch, the platform initiated its first battle season, Season 1, featuring battles among 11 prominent crypto memes such as DOGE, SHIB, PEPE, and more.
We're going places fighters!
The arena is places⚔️ 🏟️ $MK pic.twitter.com/Q7eSIo8e5s
— Meme Kombat (@Meme_Kombat) November 9, 2023
This inaugural season lays the groundwork for continuous gameplay, attracting users and nurturing community participation. Come December 2023, Meme Kombat is gearing up to unveil Season 2, offering fresh confrontations, rewards, and opportunities to establish its presence in the blockchain gaming industry.
Oscar Ramos, a YouTuber boasting 55.2k subscribers, has uploaded video reviews in which he enthusiastically endorses Meme Kombat. In his video content, Oscar elucidates the workings of Meme Kombat and provides comprehensive insights into how users can leverage its staking functionality to their advantage.
To join the Meme Kombat Token presale, head to the official website, connect your web3 wallet and buy tokens with ETH, BNB, or USDT.
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