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The BNB price surged 4% in the last 24 hours to trade at $577.10 as of 2:46 a.m. EST on trading volume that plunged 24% to $1.1 billion.
This comes after crypto exchange giant Binance said on Wednesday that Abu Dhabi-based investment firm MGX invested $2 billion in the company.
The investment is the first institutional placement in the exchange and is also the first digital asset-focused investment for MGX.
MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in @Binance for a minority stake. The transaction will be 100% in crypto (stablecoins), marking it the largest investment transaction done in crypto to date.
This is also the first institutional investment @Binance has…
— CZ 🔶 BNB (@cz_binance) March 12, 2025
The investment was also made in stablecoins, but the firms did not specify which currency was used.
Binance Coin Price Analysis: Potential Breakout In Play?
The BNB price chart shows a significant technical setup. The Binance Token price has been trading within a descending wedge pattern, with multiple touchpoints confirming the pattern.
A breakout from this pattern appears to be unfolding, as the price of BNB has surged past the pattern’s upper resistance. This suggests a potential reversal from the downtrend that has been in place for several weeks.
A closer look at the pattern reveals an ABCD structure, with the “C” point marking a recent low before the price started climbing.
Additionally, the formation of a bullish wedge hints at a possible continuation of the breakout, according to GeckoTerminal data.
As a result of the continued downtrend, the price of Binance Token is now trading below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, which now form the immediate resistance levels.
The Relative Strength Index (RSI) is at 57.55, which indicates neutral to slightly bullish momentum.
The indicator is rising but has not yet reached the overbought zone (above 70), suggesting there is still room for further price increases.
BNB Price Prediction
Given the technical setup and indicator alignment, the BNB price appears to be in the early stages of a bullish breakout.
The measured move target from the wedge breakout suggests an 18% upside, placing a potential price target around $675–$700.
However, to sustain the rally, key resistance at $620 (the 200 SMA) must be broken. If the breakout fails, the price of BNB could retest support at $550–$530 before another attempt at an upward move.
In the meantime, investors are flocking to buy Best Wallet (BEST), which popular YouTuber ClayBro, with over 136K subscribers, says has the potential to soar 10X after launch.
Best Wallet Presale Heads Towards $11 Million – Next Big Crypto?
Best Wallet is rapidly emerging as a top choice for those entering the cryptocurrency market and its presale has already surged past $10.99 million.
The wallet supports more than 60 blockchains, features a built-in DEX, presale aggregator, and crypto debit card.
Its native token, BEST, powers an ecosystem designed to simplify on-chain activities while minimizing security risks, making it a standout in the competitive crypto wallet space.
The Fastest Growing Wallet in Crypto!
In a crowded market, Best Wallet delivers the tools you need to gain an edge. 🚀
1️⃣ Exclusive alpha on new projects.
2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.This is why the Best… pic.twitter.com/AT4yos1CmG
— Best Wallet (@BestWalletHQ) December 30, 2024
Among the many features of Best Wallet, one is gaining outsized interest from investors. That is its “Upcoming Tokens” section, which helps users discover promising projects that are still in the early stages.
The project’s success in identifying promising cryptos is already well established. It flagged Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered 500% and 3,000% gains, respectively, for early investors.
Investors can also stake BEST tokens for a huge 143% annual return. Currently, BEST tokens are priced at $0.024325.
Those interested should buy before a price hike in less than 36 hours.
Check out BEST on its official website.
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