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Binance Token rose 17% on Wednesday.
The cryptocurrency exchange has announced the sale of HOOK tokens on Binance Launchpad.
BNB Next Targets $330, Retracement Buy
Binance Coin (BNB/USD) breaks below $266, marking the beginning of a bear market. BNB has been holding this level since July, below which the bears could have been in full control. But that is not the case now as BNB is trading at $295, well above the critical levels. Cryptocurrency could go to the next level. what happened?
BNB’s Rise Has Occurred Since November 23rd Cryptocurrency news. BNB price rose 17% the day after the exchange announced the Hooked Protocol (HOOK) token sale on Binance Launchpad. This is his 29th project to launch on Binance Launchpad.
According to the announcement, the token sale will be a lottery and will end on December 1st. 25 million HOOK coins, representing 5% of the total supply, have been allocated to Launchpad.
The latest developments come even as Binance continues to reassure users after the fall of FTX. Thursday’s announcement showed that he would commit $1 billion to help Binance protect the company from a cryptocurrency meltdown. The crypto exchange promises to increase the amount if necessary and seeks the participation of traditional financial firms. The fund comes after a series of steps to reassure users of adequate reserves at a time when cryptocurrency confidence is at stake.
BNB climbed from a low of around $250 to a two-week high of $303. $266 has been re-established as immediate support for cryptocurrencies.
A bullish MACD crossover has started following the bullish push. Similarly, the RSI is above the midpoint, suggesting that BNB has attracted many buyers after its breakout.Cryptocurrencies are consolidating ahead of their next move.
Buyers may not complete on BNB with the area around $330 and $360 as the next target.However, if you intend buy BNB, Wait for some fixes and bring it down. The current consolidation may force a correction ahead of the next bullish leg.
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