Binance Coin (BNB) is back in the spotlight with a strong price surge. The token has jumped 15% in just two days, fueled by a massive $2 billion investment from Abu Dhabi-based firm MGX. This news has sparked excitement among investors, with many wondering if BNB is gearing up for a rally toward its all-time high (ATH).
Just days ago, BNB was struggling after a market-wide drop pushed its price down to $511.85. However, things have quickly turned around. The token has surged nearly 15% over the past 48 hours, gaining another 6% today to reach $580.88. BNB’s market cap now stands at $82.75 billion, with a daily trading volume of $1.84 billion.
Despite still being 30% below its ATH of $793.35, this recent rebound has renewed confidence among investors. The biggest driver of this recovery is MGX’s $2 billion investment, which could push prices even higher in the coming days.
The key reason behind BNB’s surge is the $2 billion investment from MGX, a major technology investor from Abu Dhabi. This is one of the largest investments ever made in a crypto company, and the fact that it was paid entirely in stablecoins adds credibility to Binance’s financial stability.
The announcement has triggered a surge in buying activity. In just one day, BNB’s trading volume jumped to $1.84 billion, while Open Interest—measuring the total value of outstanding contracts—rose nearly 6% to $734.93 million.
Additionally, options Open Interest saw a sharp 19.79% increase, reaching $11.96 million. This signals growing interest from both retail and institutional investors.
BNB has climbed 13.44% in just four 12-hour trading sessions, showing strong momentum. The price recently bounced back from $507, and if bulls continue to push, the next key resistance level to watch is $612.
A strong weekly close could give buyers more control, possibly driving BNB toward $650. Right now, the Relative Strength Index (RSI) is in a neutral range (30-70), meaning the market is steady but ready for a potential move.
BNB is currently holding near the $580 support level, making the next few days crucial in determining its next move.
If bulls stay in control, BNB’s journey toward its all-time high might just be getting started.
Yes, BNB is a profitable investment for the long term. With initiatives such as auto-burn, numerous projects, and growing prominence, we could find it bearing fruits.
The all-time low price of Binance Coin was $0.09611 on August 01, 2017.
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