BNB is bullish today. In the last 24 hours, BNB has gained by around 5%. At the time of writing, BNB was trading at $315, according to data from CoinGecko. BNB is currently up by 15% in the past week amid Binance announced that it will set up an industry recovery fund.
BNB price analysis
BNB has made a strong recovery in the past few days, as the crypto market trades firmer after intense volatility following the collapse of FTX. In the last 24 hours, BNB has traded between $298 and $316, showing a notable increase in volatility.
BNB is rallying amid an influx of bullish buyers on the token. Breaking past the hurdle at $300 has raised optimism that the token could sustain the uptrend and decouple from the broader cryptocurrency market. In the last 24 hours, BNB has reported trading volumes of $1.27 billion.
BNB coin is under intense buying pressure. The token’s Relative Strength Index has been on an uptrend, indicating a bullish trend. BNB has an RSI of 60, but it is yet to reach the overbought levels, lowering the chances of a major reversal.
If BNB continues with the current gains, it could rally higher toward $350. Positive developments within the Binance ecosystem could sustain BNB’s uptrend, and the token could continue outperforming the broader market.
Binance adds another $1 billion for crypto recovery fund
The Binance exchange recently announced that it would allocate an additional $1 billion for an industry recovery fund. The size of this fund has increased to $2 billion. Other crypto firms, such as Jump Crypto and Aptos, have joined the initiative.
This fund will be used to support distressed crypto firms and the industry’s growth. The crypto market has been under pressure this year following the collapse of major firms such as Celsius, Voyager, Three Arrows Capital, and, recently, FTX.
Binance is also looking to build user trust and has joined other centralized exchanges to release proof of reserves. Binance recently released a proof-of-reserve system allowing users to use a Merkle tree to verify the assets they hold. However, the PoR system has been criticized by the founder of Kraken, Jesse Powell, who said that exchanges should also include liabilities in their proof-of-reserve audit.
Two altcoin alternatives to buy today
If you are buying BNB during the recent uptrend, you might consider investing in some of the best presales happening today. Below are two altcoins to consider buying:
Dash 2 Trade
Dash 2 Trade is a crypto signals platform. This platform gives crypto investors access to trading signals that will allow them to make informed trading decisions. A beta version of this platform is nearing launch.
The Dash 2 Trade presale has raised more than $7.1 million, and more than 50% of the presale tokens have now been sold since the team revised the hard cap to $13.4 million. Dash 2 Trade has already secured listings on BitMart and LBank after the presale ends.
Green investors are participating in the IMPT presale. IMPT is one of the greenest cryptos in the crypto market. The project comprises a marketplace where individuals and businesses can buy, sell and retire carbon credits.
The IMPT presale is currently in stage two, and more than $13.26 million has already been raised. At the current stage, 1 IMPT is priced at $0.023.
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