Taking a Case for Binance Bicasso NFTs Playing Catalyst for BNB Price Recovery, $357 Incoming?
- New Binance events offering free NFT coining received overwhelming demand, claimed for a record five hours.
- Despite the exchange’s legal problems with the CFTC, BNB is recovering from a drop in price earlier this week.
- Bicasso NFTs are presumably the driving force behind the upswing.
The BNB price rose for three consecutive days despite the legal dispute between the largest exchange by trading volume, CEO Changpeng Zhao (CZ) and the Commodity Futures Trading Commission (CFTC). The recovery rally comes as Binance took a bold venture into the world of AI-infused non-fungible tokens (NFT), and the BNB token has registered an interesting reaction.
BNB price rises 5% as Binance ventures into NFT market
BNB price has risen 5% since March 28, soon after US regulator CFTC targeted Binance on allegations of regulatory violations and showing US clients how to avoid compliance checks. The case was a civil complaint filed in federal court in the Northern District of Illinois.
The rise in BNB price has been traced back to the excitement and newfound hope that Binance is making inroads into the immersive world of AI-infused NFTs. Community members are elated by the giant exchange’s determination to secure a presence in the NFT market.
The announcement first came in a March 29 Twitter post by Binance CEO CZ, telling community members that the long-awaited Binance Bicasso was officially launched with free coin privileges.
In the post, the Binance CEO highlighted that there were 100,000 coins available, which will be distributed on a first-come, first-served basis. CZ released an update later that day, showing that all 100,000 coins had been claimed in a record five hours, seven hours earlier than expected. This pointed to an overwhelming demand for Binance Bicasso digital collectibles.
BNB price could rise by 12% on Binance’s new attack
The BNB price is trading with a directional bias, heading north, with a rise of 5% since March 28. At the time of writing, Binance Coin is trading hands at $317 after gaining 1% in the last day. The token’s 24-hour trading volume is also up around 25%, indicating intense investor activity.
An increase in buying pressure above the current price could cause the BNB price to rise to break the immediate resistance level of $325. Beyond that, the altcoin may stretch its neck up to confront the next barricade at $339 before marking the $357 resistance level. Such a move would mean an increase of 12% from today’s price.
BNB/USDT 1-Day Chart
Conversely, if the BNB price falls, possibly due to profit taking or the hype around Binance Bicasso NFT expiring, the first logical scenario would be to lose the support offered by the 50-day exponential moving average (EMA) at $309 before a retest of 100- and 200-day EMA at $302 and $299 respectively. A daily candlestick below the $299 support level will invalidate the bullish thesis.
In the severe case, BNB price could drop to close on March 13 at around $287, or at worst stretch a leg down to mark the support floor at $263.
Still, Binance’s foray into the NFT market is a timely move that could play a role in offsetting some of the negative publicity the exchange is currently receiving.
