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BNB Price Prediction: BNB Pumps 5% On Potential $4 Billion Justice Department Settlement Deal For Binance, But Why Not Consider This Lower-Risk Cloud Mining Play With 10X Upside Potential?

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BNB price
BNB price

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BNB price is up 5% in the last 24 hours to sell for $258 as of 08:40 EST after Bloomberg reported Binance may pay a $4 billion fine to settle criminal charges brought against it in the US.

If Binance agrees to the settlement, it could end the years-long investigation of the cryptocurrency exchange. It’s because of that hope that the BNB price rallied with markets seeing a potential way out for the world’s biggest crypto exchange.

At least one prominent analyst wonders if there can be any such outcome. Said John Reed Stark, former commissioner at the SEC:

How can an historically secretive and opaque financial firm like Binance suddenly transform itself into a traditional and law-abiding financial firm? How can an historically libertarian and free-wheeling company like Binance transform itself into an open, transparent, obedient, submissive and government-friendly financial firm?

BNB Price Prognosis As Binance Coin’s Uptrend Remains Intact

BNB’s price remains on an uptrend, consolidating within the confines of an ascending parallel channel. It continues to enjoy strong support downward, represented by the 200-, 25-, 50-, and 100-day Exponential Moving Averages (EMA) at $243.3, $242.0, $234.0, and 232.2, respectively.  The overall trajectory of the EMAs shows that the north is the path with the least resistance. Should the price fall, these would be likely turnaround points for BNB to pivot.

Meanwhile, the Relative Strength Index (RSI) points to increasing momentum crossing above the signal line (yellow band). Traders heeding this call could extrapolate the gains for Binance Coin.

Also, the 25-day EMA is to cross above the 300-day EMA should the current trajectory persist. If this happen, it would be yet another bullish call, potentially sending BNB price berserk.

With the RSI moving north, momentum is rising, with the increased buying pressure likely to see the BNB price break above the lower boundary of the first fair value gap (FVG) at $267.5. To confirm the uptrend, however, the price must overcome the midline of this order block, termed consequential encroachment, at $270.4.

In a highly bullish case, the price could extend to test the second FVG block from $285.6 to $304.5. To confirm the continuation of the trend, the price must record a daily candlestick close above its midline at $295.0.

The Awesome Oscillator (AO) also bolsters this outlook, with its green histogram bars taking over from the red, showing bulls are taking over.

BNB price
TradingView: BNB/USDT 1-day chart

Converse Case

However, it is worth mentioning that by testing the first FVG at $267.5 in the day’s intra-day high of $267.8, BNB price has filled the inefficiency and restored balance. This means a southbound move could be on the cards for the Binance Coin price. This is unless the bulls can overcome the consequential encroachment of this order block, bringing the second FVG into action.

Meanwhile, if seller momentum overcomes buying pressure, BNB price could drop below the $247.8 support level. In the dire case, it could stretch lower to the $227.7 support level unless the EMAs hold as support. Such a move would invalidate the bullish thesis, clearing the clog for the BNB price to extend to the $204.6 support floor.

Meanwhile, investor appetite has turned to BTCMTX as investors look for the best opportunities amid bullish sentiment. A potential spot BTC approval in January 2024, and the halving event that’s slated for April, are expected to kickstart the next bull cycle. When you buy BTCMTX, you get an entry into this future.

BNB Alternative

BTCMTX, which powers the Bitcoin Minetrix ecosystem, is the choice alternative for BNB tokens. It provides an entrance into the BTC ownership community, with BTCMTX token holders able to mine Bitcoin easily and conveniently.

Bitcoin Minetrix project is in the presale stage, recording $4.212 million in presale collections out of the $4.914 million target for the eighth stage.

Investors are buying BTCMTX for $0.0117, ahead of the next price hike due in less than 24 hours. Do not miss out on the chance to buy BTCMTXC at current low rates. The token is among the top three ICOs to buy in 2023 and among the top five crypto presales experts are rooting for, with 10X potential for growth at launch.

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