BNB is on the rise after Binance announced $1 billion in new funding for the Binance Smart Chain (BSC) network.
BNB, which was traded at $395 before the news, rose by 10% to $436 with the effect of the news.
Given the lackluster altcoins, the news of the fund has been a lifeline for BNB investors.
When we look at BNB on a short-term basis, we see that it is moving within an ascending channel. Our main support for BNB would be $380 in a possible pullback in Bitcoin, where sales are increasing right now. A break of this level may bring up the $325 and $256 levels.
In the scenario where the risks related to Bitcoin disappear, we can expect BNB to continue its rise with this wind behind it. Our short-term resistance zones will be $430 and $460. With the break of $460, we can see the uptrend harden.
We see that there is a TOBO image on BNB. For daily closes above $430, $543 will be our new target. Those who evaluate from the supports can follow it with a stop.
In downward swings, $395 and $400 level can be evaluated with a closing stop below $380.
*Not Investment Advice.