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BREAKING: Former Binance CEO CZ Behind Bars: Sentenced To Jail For 4 Months

In a significant development for the crypto industry, Changpeng Zhao, commonly known as CZ, the founder of Binance, the world’s largest cryptocurrency exchange, has been imprisoned for four months. 

The sentencing follows his guilty plea to charges related to enabling money laundering activities within his crypto exchange. The verdict was delivered in Seattle federal court and marks the culmination of US authorities’ multiyear investigation into Binance.

Lighter Sentence For Binance Founder

The sentence handed down to Zhao was notably less severe than the three-year prison term sought by federal prosecutors. In contrast, the defense had requested five months of probation, ultimately given the outcome wanted. 

Under the terms of a settlement reached in November of 2023, Zhao agreed to step down as CEO of Binance, as part of an agreement to resolve the investigation. 

The probe primarily focused on allegations that Binance failed to implement an effective anti-money laundering program, as the Bank Secrecy Act required. 

Regulatory Pressure Mounts 

Zhao was also accused of knowingly allowing Binance to process transactions involving funds derived from unlawful activities, including transactions between US citizens and individuals residing in sanctioned jurisdictions.

As part of the resolution, Binance was ordered to pay an imposing $4.3 billion fines and forfeiture. Additionally, Changpeng Zhao personally agreed to pay a substantial $50 million fine, underscoring the severity of the charges and the commitment to accountability.

The legal challenges for Binance do not end there. The company faces separate lawsuits from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for alleged mishandling of customer assets and operating an illegal, unregistered exchange within the United States. 

Binance

As of this writing, the exchange’s native token, Binance Coin (BNB), is trading at $573, down over 3% in the last 24 hours and 7% in the last seven days. 

Featured image from Bloomberg, chart from TradingView.com 

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BNB Smart Chain Shines In Q1: Triple-Digit Surges In Key Metrics

The Binance Smart Chain (BNB Chain), developed by the world’s largest cryptocurrency exchange by trading volume, Binance, experienced significant growth and performance in the first quarter (Q1) of 2024. 

As highlighted in a recent report by Messari, Binance Smart Chain has surged in market cap, revenue, average daily active addresses, decentralized finance (DeFi), total value locked (TVL), and average daily decentralized exchange (DEX) volume. 

BNB Outperforms Bitcoin In Q1 2024

During Q1 2024, BNB Smart Chain demonstrated notable market cap growth, soaring by 89% quarter-over-quarter (QoQ). It reached a market cap of $92.5 billion, securing the third position among all tokens, excluding stablecoins. Only Ethereum (ETH) and Bitcoin (BTC) surpassed BNB in market cap. 

Interestingly, the report notes that BNB’s performance surpassed that of Bitcoin, which saw a 65% increase in outstanding market capitalization over the same period.

BNB

Revenue generated by the Binance Smart Chain experienced a substantial boost in Q1. The network collected $66.8 million in revenue, marking a 70% QoQ increase. 

According to Messari, this surge in revenue was primarily driven by the appreciation of BNB’s price. Notably, Q1’s revenue exceeded that of any quarter in 2023. DeFi transactions, particularly gas fees, were significant in revenue contributions, accounting for 46% of the total.

Despite a slight decrease in average daily transactions, BNB Smart Chain experienced a 27% year-over-year (YoY) increase, demonstrating sustained growth in network activity. 

Average daily active addresses surged by 26% QoQ, reaching 1.3 million. Several protocols on the BNB Smart Chain witnessed increased transaction volumes and active addresses, with Tether’s USDT and decentralized exchange (DEX) PancakeSwap leading the way.

DEX Trading Volume Explodes

BNB Smart Chain’s DeFi TVL, denominated in USD, experienced a 67% QoQ surge, reaching $7.2 billion. This growth positioned the Binance Smart Chain as the third-highest chain regarding DeFi TVL, denominated in USD. 

However, when denominated in BNB, TVL decreased slightly by 12%. This indicates that the surge in USD value was primarily driven by BNB price appreciation and capital inflows.

BNB

Decentralized exchanges on the Binance Smart Chain witnessed a staggering 193% QoQ increase in average daily trading volume. The total DEX volume for Q1 reached $1.1 billion, with PancakeSwap emerging as the dominant DEX on the platform. 

PancakeSwap’s average daily DEX volume surged by 140% QoQ, surpassing other competitors and solidifying its position as the preferred DEX on the BNB Smart Chain.

Overall, Binance Smart Chain’s performance in the first quarter of 2024 showed significant growth across various parameters, reinforcing its position as an important blockchain platform. 

BNB

The exchange’s native token, Binance Coin, is currently trading at $607, reflecting a 2% price increase over the past 24 hours and a 10% increase over the past 7 days. 

These positive price movements bring the token closer to its all-time high of $686, reached in May 2021.

Featured image from Shutterstock, chart from TradingView.com

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BNB Price Reclaims $600 and Bulls Could Now Aim For New 2024 High

BNB price is attempting a fresh increase from the $550 zone. The price cleared the $600 resistance and might extend its increase above $630.

  • BNB price started a fresh increase after it cleared the $550 resistance zone.
  • The price is now trading above $580 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could gain bullish momentum if it clears the $608-$610 resistance zone.

BNB Price Gains Strength

After forming a base above the $520 level, BNB price started a fresh increase. There was a steady increase above the $550 and $565 resistance levels, like Ethereum and Bitcoin.

The bulls pushed the price above the $580 pivot level and the 61.8% Fib retracement level of the downward wave from the $630 swing high to the $512 low. More importantly, the price is now trading above $580 and the 100 simple moving average (4 hours).

It is consolidating just above the 76.4% Fib retracement level of the downward wave from the $630 swing high to the $512 low. There is also a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair.

BNB Price

Source: BNBUSD on TradingView.com

Immediate resistance is near the $608 level. The next resistance sits near the $630 level. A clear move above the $630 zone could send the price further higher. In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger increase toward the $680 resistance. Any more gains might call for a test of the $720 level in the coming days.

Are Dips Supported?

If BNB fails to clear the $608 resistance, it could start a downside correction. Initial support on the downside is near the $592 level and the trend line.

The next major support is near the $585 level. The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $592, $585, and $570.

Major Resistance Levels – $608, $630, and $650.

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BNB Resilience: Holding Firm At $560 – What’s Next?

The price of BNB hasn’t fallen below its previous low, and it’s showing some strong signs of heading up. After a spell of moving downward, the Binance Smart Chain’s native token is aiming for an upward bounce back towards its earlier high.

Technical Indicators Point Toward Sustained Uptrend For BNB

To figure out where the BNB price might be headed next, several indicators can be used to examine the chart:

BNB

4-Hour MACD: A technical look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending above the zero line, and both the MACD line and the Signal line have crossed and are heading towards the MACD zero line, indicating a bullish trend. This can be seen in the above image.

RSI 4-hour Timeframe: The formation of the Relative Strength Index (RSI) in the below image also suggests an upward movement as the RSI signal line is seen trending above the 50% level. This indicates that buyers are still very active in the market therefore overpowering the strength of sellers.

4-hour alligator: A look at the alligator indicator from the 4-hour time frame shows that BNB is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, suggesting that the price might be starting a new rally.

BNB

At the time of writing, the price of BNB was up by 1.35% and was trading around $561 in the last 24 hours. BNB price is showing bullish signs and also forming a base above the $508.1 support level. Also, the price is trading above the bearish trend line and below the 100 Simple Moving Average (SMA) on the 4-hour chart.

Final Thoughts

From the previous downward movement, the price of BNB has managed to create one major resistance level of $635 and one major support level of $508. Currently, BNB is moving toward this resistance level and if it breaks above this level, the price might go even further to create a new high. 

On the other hand, if the price fails to break above this major resistance, it will reverse and start a downward movement toward its previous support and if it manages to break below this support level, the price might move further downward thereby starting a new downward trend.

BNB

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BNB Price May Have Another Chance For A Bullish Streak: Here’s How

BNB price is attempting a fresh increase from the $515 zone. The price could gain bullish momentum if it clears the $572 resistance zone.

  • BNB price started a fresh increase after it found support near the $515 zone.
  • The price is now trading below $555 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could gain bullish momentum if it clears the $572 resistance zone.

BNB Price Faces Hurdles

After a downside correction below $550, BNB price found support near the $515 zone. A low was formed at $513.6 and the price started a recovery wave, like Ethereum and Bitcoin.

There was a move above the $525 and $530 resistance levels. The bulls pushed the price above the $540 pivot level and the 23.6% Fib retracement level of the downward move from the $630 swing high to the $513 low. There was also a break above a key bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair.

The price is still trading below $550 and the 100 simple moving average (4 hours). Immediate resistance is near the $555 level. The next resistance sits near the $572 level or the 50% Fib retracement level of the downward move from the $630 swing high to the $513 low.

BNB Price

Source: BNBUSD on TradingView.com

A clear move above the $572 zone could send the price further higher. In the stated case, BNB price could test $600. A close above the $600 resistance might set the pace for a larger increase toward the $630 resistance. Any more gains might call for a test of the $650 level in the coming days.

Another Decline?

If BNB fails to clear the $572 resistance, it could start another decline. Initial support on the downside is near the $532 level.

The next major support is near the $520 level. The main support sits at $515. If there is a downside break below the $515 support, the price could drop toward the $500 support. Any more losses could initiate a larger decline toward the $465 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $532, $520, and $515.

Major Resistance Levels – $555, $572, and $600.

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BNB Price Regains Strength As The Bulls Aim For $650

BNB price is attempting a fresh increase from the $575 zone. The price is up over 5% and the bulls seem to be aiming for a move above $620.

  • BNB price started a fresh increase after it found support near the $575 zone.
  • The price is now trading above $600 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $587 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could gain bullish momentum if it clears the $620 resistance zone.

BNB Price Could Surge 15%

After a downside correction below $600, BNB price found support near the $575 zone. A low was formed at $572.8 and the price started a fresh increase, unlike Ethereum and Bitcoin.

There was a move above the $595 and $600 resistance levels. The bulls pushed the price above the $605 pivot level. It is up over 5% and showing many positive signs above the 23.6% Fib retracement level of the recent increase from the $572.8 swing low to the $618.0 high.

The price is now trading above $600 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $587 on the 4-hour chart of the BNB/USD pair.

BNB Price

Source: BNBUSD on TradingView.com

Immediate resistance is near the $618 level. The next resistance sits near the $620 level. A clear move above the $620 zone could send the price further higher. In the stated case, BNB price could test $632. A close above the $632 resistance might set the pace for a larger increase toward the $650 resistance. Any more gains might call for a test of the $700 level in the coming days.

Another Decline?

If BNB fails to clear the $620 resistance, it could start a downside correction. Initial support on the downside is near the $600 level.

The next major support is near the $590 level and the trend line or the 61.8% Fib retracement level of the recent increase from the $572.8 swing low to the $618.0 high. The main support sits at $575. If there is a downside break below the $575 support, the price could drop toward the $562 support. Any more losses could initiate a larger decline toward the $550 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $600, $585, and $575.

Major Resistance Levels – $620, $632, and $650.

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BNB Price Rally In Jeopardy? Decoding Key Hurdles To Fresh Increase

BNB price is attempting a fresh increase from the $545 zone. The price could gain bullish momentum if it clears the $585 and $590 resistance levels.

  • BNB price started a fresh increase after it found support near the $545 zone.
  • The price is now trading above $560 and the 100 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $585 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could attempt a fresh rally if it clears the $590 resistance zone.

BNB Price Eyes Fresh Surge

After a downside correction from $620, BNB price found support near the $545 zone. A low was formed at $546.1 and the price started a fresh increase, unlike Ethereum and Bitcoin.

There was a move above the $560 and $565 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $619 swing high to the $546 low. The price is now trading above $560 and the 100 simple moving average (4 hours).

Immediate resistance is near the $585 level. There is also a key contracting triangle forming with resistance near $585 on the 4-hour chart of the BNB/USD pair. It is close to the 50% Fib retracement level of the downward move from the $619 swing high to the $546 low.

BNB Price

Source: BNBUSD on TradingView.com

The next resistance sits near the $590 level. A clear move above the $590 zone could send the price further higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger increase toward the $640 resistance. Any more gains might call for a test of the $700 level in the coming days.

Another Decline?

If BNB fails to clear the $590 resistance, it could start another decline. Initial support on the downside is near the $555 level and the trend line.

The next major support is near the $545 level. The main support sits at $532. If there is a downside break below the $532 support, the price could drop toward the $500 support. Any more losses could initiate a larger decline toward the $465 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $555, $545, and $532.

Major Resistance Levels – $585, $590, and $620.

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BNB Price Could Resume Upside Unless The Bulls Fail At $610

BNB price is attempting a fresh increase from the $500 zone. The price could gain bullish momentum if it clears the $588 and $610 resistance levels.

  • BNB price started a fresh increase above the $520 and $540 levels.
  • The price is now trading above $575 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $580 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could attempt a fresh rally if it clears the $610 resistance zone.

BNB Price Eyes Fresh Surge

After a downside correction from $645, BNB price found support near the $500 zone. A low was formed at $498 and the price started a fresh increase, like Ethereum and Bitcoin.

There was a move above the $520 and $550 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $645 swing high to the $498 low. The price is now trading above $575 and the 100 simple moving average (4 hours).

There is also a key bullish trend line forming with support near $580 on the 4-hour chart of the BNB/USD pair. Immediate resistance is near the $588 level. It is close to the 61.8% Fib retracement level of the downward move from the $645 swing high to the $498 low.

BNB Price

Source: BNBUSD on TradingView.com

The next resistance sits near the $610 level. A clear move above the $610 zone could send the price further higher. In the stated case, BNB price could test $645. A close above the $645 resistance might set the pace for a larger increase toward the $680 resistance. Any more gains might call for a test of the $700 level in the coming days.

Another Decline?

If BNB fails to clear the $610 resistance, it could start another decline. Initial support on the downside is near the $580 level and the trend line.

The next major support is near the $560 level. The main support sits at $540. If there is a downside break below the $540 support, the price could drop toward the $500 support. Any more losses could initiate a larger decline toward the $450 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $580, $560, and $540.

Major Resistance Levels – $598, $610, and $640.

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BNB Price Could Restart Rally If It Is Able To Hold This Key Support

BNB price rallied further above $600 before it faced sellers. The price corrected gains and now testing an important support at $500.

  • BNB price started a downside correction from the $645 resistance zone.
  • The price is now trading near $515 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $520 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could attempt a fresh increase if it stays above the $500 support zone.

BNB Price Holds Support

In the last BNB price prediction, we discussed the chances of more gains above the $550 resistance zone. The price continued to rise and broke many hurdles near the $580 level.

BNB even outperformed Bitcoin and Ethereum with a move above the $600 resistance. Finally, it faced resistance near the $645 zone. A high was formed near $645 and the price recently started a downside correction. There was a move below the $600 level.

The price declined below the 23.6% Fib retracement level of the upward move from the $365 swing low to the $645 high. The price is now trading near $515 and the 100 simple moving average (4 hours). Immediate resistance is near the $520 level.

There is also a key bearish trend line forming with resistance near $520 on the 4-hour chart of the BNB/USD pair. The next resistance sits near the $550 level. A clear move above the $550 zone could send the price further higher.

BNB Price

Source: BNBUSD on TradingView.com

In the stated case, BNB price could test $580. A close above the $580 resistance might set the pace for a larger increase toward the $600 resistance. Any more gains might call for a test of the $645 level in the coming days.

More Losses?

If BNB fails to clear the $520 resistance, it could continue to move down. Initial support on the downside is near the $500 level or the 50% Fib retracement level of the upward move from the $365 swing low to the $645 high.

The next major support is near the $470 level. The main support sits at $430. If there is a downside break below the $430 support, the price could drop toward the $400 support. Any more losses could initiate a larger decline toward the $350 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $500, $470, and $430.

Major Resistance Levels – $520, $550, and $580.

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BNB Price Breaks $600, Why Bulls Could Now Aim New ATH

BNB price is gaining bullish momentum above the $550 resistance. The price is showing positive signs and might extend its rally above $650.

  • BNB price is up over 15% and it broke the $600 resistance zone.
  • The price is now trading above $580 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $598 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could continue to rise toward the $650 resistance zone or even $700.

BNB Price Extends Rally

In the last BNB price prediction, we discussed the chances of more gains above the $500 resistance zone. The price continued to rise and broke many hurdles near the $550 level.

BNB is now outperforming Bitcoin and Ethereum with a move above the $580 resistance. It is up over 10% today and trading above $600. A high was formed near $633 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $364 swing low to the $633 high.

The price is now trading above $600 and the 100 simple moving average (4 hours). Immediate resistance is near the $625 level. The next resistance sits near the $635 level. A clear move above the $635 zone could send the price further higher.

BNB Price

Source: BNBUSD on TradingView.com

In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger increase toward the $700 resistance. Any more gains might call for a test of the $780 level in the coming days.

Dips Limited?

If BNB fails to clear the $635 resistance, it could start a downside correction. Initial support on the downside is near the $600 level and the trend line.

The next major support is near the $570 level. The main support sits at $500 or the 50% Fib retracement level of the upward move from the $364 swing low to the $633 high. If there is a downside break below the $500 support, the price could drop toward the $450 support. Any more losses could initiate a larger decline toward the $420 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $600, $570, and $500.

Major Resistance Levels – $635, $650, and $700.

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BNB Price Soars As Binance Smart Chain Implements “BEP 336” Upgrade, Inspired By Ethereum’s Dencun

Binance Smart Chain (BSC), commonly known as BNB Chain, has announced the “BEP 336 upgrade”, inspired by Ethereum’s Dencun upgrade (EIP 4844), which aims to optimize data storage and processing on the blockchain.

The upgrade is expected to significantly reduce transaction costs, improve network performance, and drive the price of Binance Coin (BNB) towards its previous all-time high (ATH) of $686, reached in May 2021.

BNB Smart Chain Cost-Effective Data Solution

According to the protocol’s announcement, BEP 336 introduces an innovative concept called “Blob-Carrying Transactions” (BlobTx) that will change how large data blocks are handled. 

These temporary and cost-effective memory segments, known as blobs, can capture data blocks as large as 128 KB. By streamlining the transaction verification process, the network only needs to verify that the attached blob contains the correct data rather than verifying each transaction within a block.

The introduction of blob transactions within the BSC, which is particularly beneficial for opBNB – the layer 2 network of the BNB ecosystem – offers several advantages. Blobs reduce network space consumption, resulting in lower storage costs and more affordable gas fees for users, similar to Etherem’s Dencun upgrade. This storage strategy allows for efficient data handling while managing blockchain bloat, ensuring data integrity and availability throughout its lifetime on the chain.

BEP 336 also includes two additional components. The Blob Market establishes a fee market for blobs, ensuring regulated storage and transmission costs based on network demand. The Precompile Contract adds a layer of security by verifying that the data in a blob matches the reference in the blob-bearing transaction.

While BEP 336 draws inspiration from Ethereum’s EIP 4844, it is tailored to meet BSC’s unique requirements. Notably, BSC’s design mandates that blobs be managed exclusively by the BSC client, distinguishing it from Ethereum’s approach. Moreover, BSC implements a dynamic gas pricing mechanism for blobs, ensuring reasonable transaction costs with minimum and maximum thresholds.

BEP 336 Integration With Phased Roadmap

BSC has outlined a phased roadmap for the integration of BEP 336. Beginning with the Testnet launch in April, developers can test and interact with the upgrade in a “controlled environment” to address potential issues. 

The subsequent Magnet phase in May will focus on further testing and optimization to ensure the “robustness” and “scalability” of BEP 336. Finally, in June, the mainnet hard fork will mark the official deployment of BEP 336 on the BSC mainnet, ushering in a new era of efficiency and cost-effectiveness for the network.

According to the announcement, the benefits of BEP 336 are expected to impact developers and users within the BSC ecosystem significantly. Gas fees will be reduced considerably as certain data types no longer require permanent storage, making transactions more affordable. 

The temporary storage mechanism will keep the blockchain lean and bloat-free, enhancing overall network performance. With lower costs and improved efficiency, BEP 336 aims to make the BSC ecosystem more accessible to a wider audience, including developers and newcomers to blockchain technology.

BNB

The announcement has boosted Binance Coin’s (BNB) price by over 8%, resulting in a current trading price of $588, just 15% below its all-time high of $686. 

In case of further price gains, the next resistance walls for the BNB price are placed at the $600 level and the $608 mark, which could prevent the token from further price appreciation in its mission to reach its current ATH. 

Featured image from Shutterstock, chart from TradingView.com

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BNB Price Zooms 10%, Here Are Next Possible Barriers For Bulls

BNB price is gaining bullish momentum above the $450 resistance. The price is signaling a strong uptrend and might soon surpass the $500 resistance.

  • BNB price is showing bullish signs above the $450 resistance level.
  • The price is now trading above $465 and the 100 simple moving average (4 hours).
  • There was a break above a connecting trend line with resistance at $430 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could continue to rise toward the $500 resistance zone or even $520.

BNB Price Extends Rally

In the last BNB price prediction, we discussed the chances of more gains above the $400 resistance zone. The bulls did remain active and were able to push the price above the $400 level.

BNB is now outperforming Bitcoin and Ethereum with a move above the $450 resistance. There was a break above a connecting trend line with resistance at $430 on the 4-hour chart of the BNB/USD pair. It is up over 10% today and trading above $470.

A high was formed near $478 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $364 swing low to the $478 high.

The price is now trading above $465 and the 100 simple moving average (4 hours). Immediate resistance is near the $475 level. The next resistance sits near the $488 level. A clear move above the $488 zone could send the price further higher.

BNB Price

Source: BNBUSD on TradingView.com

In the stated case, BNB price could test $500. A close above the $500 resistance might set the pace for a larger increase toward the $520 resistance. Any more gains might call for a test of the $542 level in the coming days.

Dips Supported?

If BNB fails to clear the $475 resistance, it could start a downside correction. Initial support on the downside is near the $4620 level.

The next major support is near the $450 level. The main support sits at $420 or the 50% Fib retracement level of the upward move from the $364 swing low to the $478 high. If there is a downside break below the $420 support, the price could drop toward the $400 support. Any more losses could initiate a larger decline toward the $380 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $460, $450, and $420.

Major Resistance Levels – $475, $500, and $520.

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BNB Price Starts Its Journey Toward $500, Why Dips Turned Attractive

BNB price is gaining bullish momentum above the $350 resistance. The price looks set for more gains above the $400 resistance in the near term.

  • BNB price is showing bullish signs above the $365 resistance level.
  • The price is now trading above $375 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $380 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could continue to rise toward the $400 resistance zone or even $422.

BNB Price Extends Increase

In the last BNB price prediction, we discussed the chances of more gains above the $365 resistance zone. The bulls did remain active and were able to push the price above the $375 level.

BNB outperformed Bitcoin and Ethereum with a move above the $380 resistance. A high was formed near $390 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $345 swing low to the $390 high.

The price is now trading above $375 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $380 on the 4-hour chart of the BNB/USD pair.

BNB Price

Source: BNBUSD on TradingView.com

Immediate resistance is near the $390 level. The next resistance sits near the $392 level. A clear move above the $392 zone could send the price further higher. In the stated case, BNB price could test $400. A close above the $400 resistance might set the pace for a larger increase toward the $422 resistance. Any more gains might call for a test of the $500 level in the coming weeks.

Dips Supported?

If BNB fails to clear the $390 resistance, it could start a downside correction. Initial support on the downside is near the $380 level and the trend line.

The next major support is near the $362 level or the 61.8% Fib retracement level of the upward move from the $345 swing low to the $390 high. The main support sits at $350. If there is a downside break below the $350 support, the price could drop toward the $335 support. Any more losses could initiate a larger decline toward the $315 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $380, $362, and $350.

Major Resistance Levels – $390, $400, and $422.

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Aave Joins Binance’s BNB Chain Ecosystem – Here’s How Users Benefit

In a significant development for the Binance Smart Chain (BSC) ecosystem, Aave (AAVE), one of the largest decentralized finance (DeFi) market protocols, has announced its integration with BNB Smart Chain. Aave joins prominent projects such as Uniswap, Ambit Finance, PancakeSwap, and Lista DAO.

BNB Chain Welcomes Aave

According to the announcement, this latest development opens up new opportunities for BNB Chain users, giving them access to what the protocol calls “top-tier lending platforms” and enhanced liquidity.

With the launch of First Digital USD (FDUSD), users can now leverage “robust” liquidity, allowing them to explore different applications and opportunities in the Binance ecosystem.

BNB

On the other hand, Aave users can now benefit from BNB Chain’s fees and the ability to integrate with one of the largest DeFi ecosystems, fostering increased collaboration between the two communities. The announcement also noted the following about the Aave integration:

This not only complements but strategically aligns with BNB Chain’s 2024 outlook. Focused on mass adoption, high-frequency DeFi applications, and network efficiency improvements, the ecosystem is set for an exciting evolution.

2024 Goals

Looking ahead, BNB Chain has set numerous goals for 2024. The introduction of opBNB – the Layer 2 (L2) scaling solution for the BNB Smart Chain – aims to achieve a transaction processing capacity of 10,000 transactions per second (TPS) by doubling the gas limit to 200 M/s.

Enhanced security measures accompany this increase in capacity through multi-proof mechanisms. In addition, implementing Ethereum’s EIP4844 and Greenfield’s data availability upgrades will reduce gas fees by 5-10 times, providing users with a more cost-effective experience.

In a move called “BNB Chain Fusion,” the BNB Beacon Chain will be merged with the BSC, further enhancing the efficiency and security of the network. The expansion of the number of validators, which will increase from 40 to 100 by 2024, is also expected to contribute to the stability of the network.

Market Cap And Token Holders On The Rise

According to Token Terminal data, the BNB chain has experienced significant growth, evidenced by several key metrics.

One notable metric is the fully diluted market cap, which stands at $75.71 billion, representing a significant increase of 23.9% over the past 30 days, highlighting the confidence in the protocol. 

The circulating market cap, another crucial indicator, currently sits at $54.73 billion, showing a solid 11.6% growth over the same 30-day period. 

BNB

On the other hand, the number of BNB token holders has shown a positive trend, reaching 113.51 million, with a significant increase of 3.5% in the last 30 days, demonstrating interest in the ecosystem.

Featured image from Shutterstock, chart from TradingView.com

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BNB Price Surges Over 5%, Why Bulls Could Aim For $400 In Feb 2024

BNB price is gaining bullish momentum from the $315 support zone. The price could extend its rally above $375 and rise toward the $400 level in the near term.

  • BNB price is showing bullish signs above the $350 pivot level.
  • The price is now trading above $355 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could gather bullish momentum if there is a close above the $365 resistance zone.

BNB Price Regains Strength

In the past few days, BNB price started a decent increase and cleared the $335 resistance zone. There was a move above the $350 level to move into a positive zone, like Bitcoin and Ethereum.

The price even spiked above $365. A high was formed near $366 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $315 swing low to the $366 high. BNB is now trading above $355 and the 100 simple moving average (4 hours).

There is also a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair. Immediate resistance is near the $365 level.

BNB Price

Source: BNBUSD on TradingView.com

The next resistance sits near the $375 level. A clear move above the $375 zone could send the price further higher. In the stated case, BNB price could test $388. A close above the $388 resistance might set the pace for a larger increase toward the $400 resistance. Any more gains might call for a test of the $420 level.

Dips Supported?

If BNB fails to clear the $365 resistance, it could start a downside correction. Initial support on the downside is near the $355 level and the trend line.

The next major support is near the $342 level or the 50% Fib retracement level of the upward move from the $315 swing low to the $366 high. The main support sits at $335. If there is a downside break below the $335 support, the price could drop toward the $322 support. Any more losses could initiate a larger decline toward the $315 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $355, $342, and $335.

Major Resistance Levels – $365, $375, and $388.

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BNB Price Increase To Continue? This Resistance Could Trigger Fresh Rally

BNB price is attempting a fresh increase from the $288 zone. The price could start a fresh rally if there is a clear move above the $310 resistance.

  • BNB price is showing bullish signs above the $300 pivot level.
  • The price is now trading below $310 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $306 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair gather bullish momentum if there is a close above the $308-$310 resistance zone.

BNB Price Eyes Fresh Rally

In the past few days, BNB price started a decent increase and cleared the $300 resistance zone, unlike Bitcoin and Ethereum. There was a move above the $305 level before the bears appeared.

A high was formed near $313 and the price recently started a downside correction. There was a move below the $308 level. The price declined below the 50% Fib retracement level of the upward move from the $287 swing low to the $313 high.

BNB is now consolidating near $305 and the 100 simple moving average (4 hours). Immediate resistance is near the $308 level. There is also a key bearish trend line forming with resistance near $306 on the 4-hour chart of the BNB/USD pair.

BNB Price

Source: BNBUSD on TradingView.com

The next resistance sits near the $310 level. A clear move above the $310 zone could send the price further higher. In the stated case, BNB price could test $320. A close above the $320 resistance might set the pace for a larger increase toward the $335 resistance. Any more gains might call for a test of the $350 level.

Another Decline?

If BNB fails to clear the $310 resistance, it could continue to move down. Initial support on the downside is near the $300 level. The next major support is near the $292 level or the 76.4% Fib retracement level of the upward move from the $287 swing low to the $313 high.

The main support sits at $288. If there is a downside break below the $288 support, the price could drop toward the $275 support. Any more losses could initiate a larger decline toward the $262 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $300, $292, and $288.

Major Resistance Levels – $308, $310, and $320.

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Will BNB Continue To Drop Or Bounce Back To Create A New All-Time High?

BNB, the native token of the Binance Smart Chain, experienced a drop on Friday, showing a huge red candlestick after opening at around $305 and moving downward toward $297.93.

This downward move began with a rejection at $312.53 on Wednesday, thereby creating resistance at the same level. At the time of writing, the price still shows strong signs of moving downward to its previous support level of $300.

If this support level is unable to hold, then the price might continue downward to the next support level at $263.93. But, if the support does hold, we might see the price bounce back and move upward to create a new high for the year. However, the price is still above the 100-day moving average, which is usually a bullish sign for the price.

Technical Indicators Point Toward Sustained Downtrend For BNB

To figure out where the BNB price might be headed next, several indicators can be used to examine the chart;

4-Hour MACD: We can see that the histogram is below the zero line, thereby suggesting a downward trend.

BNB

   SOURCE: Tradingview

We can also see that the MACD line has crossed below the signal line, pointing toward a sustained bearish trend.

1-Day MACD: From the daily chart, we can confirm that both the MACD line and signal line have crossed and are heading toward the zero line, while the histogram is already below the zero line, indicating further downward movement.

Binance Coin price

  SOURCE: Tradingview

4-Hour Alligator Using the alligator indicator to examine the chart on the 4-hour timeframe, we can see that the jaw, the teeth, and the lips are all facing downward and are separated from each other. This has historically been a bearish signal and suggests further downward momentum.

Alligator

   SOURCE: Tradingview

1-Day Alligator: Also, looking at the alligator indicator from the daily chart, it can be seen that the alligator lip [green line] and the teeth [red line] are showing signs of cross over the jaw [blue line], suggesting a downward movement

 SOURCE: Tradingview

BNB

Final Thoughts

Although the MACD and the Alligator are popular indicators, it should be noted that they are not infallible, and traders frequently combine them with other technical analysis tools to help them make better trading decisions. 

Furthermore, false signals can happen, particularly in erratic or sideways markets, so it’s critical to take the larger market context into account.

Binance Coin BNB price chart from Tradingview.com

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Binance Sets New Record: Spot Trading Volume Reaches $427 Billion

According to a recent CoinGecko report, Binance, the world’s largest centralized exchange (CEX) by trading volume, has retained its market leadership position in 2023. 

Despite facing increased regulatory scrutiny and undergoing significant leadership changes, Binance maintained a market share of 43.7% and saw its spot trading volume rise to $427.1 billion in December 2023, representing a 37.5% month-on-month (MoM) increase.

Binance Trading Volume Reached $3.8 Trillion In 2023

According to CoinGecko’s report, Binance started the year with a commanding 63.5% market share but experienced a gradual decline throughout 2023, ending with a 43.7% market share in December. 

While Binance still dominated the market with 52.6% of the total spot trading volume in 2023, the exchange’s relative market share decline was notable. In absolute terms, Binance generated $3.8 trillion in trading volume throughout the year.

Binance

As previously reported, Binance faced significant regulatory pressure throughout 2023, culminating in a settlement agreement in November that required the exchange to pay a $4.3 billion fine to the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CTFC) for alleged financial breaches. 

As part of the settlement, Binance’s CEO, Changpeng Zhao (CZ), also agreed to step down. Richard Teng has assumed the role of the company’s head, while CZ remains restricted from traveling outside the jurisdiction of the United States as the legal battle unfolds. 

Upbit And OKX Follow Closely

Upbit, South Korea’s largest cryptocurrency exchange, managed to maintain its position as the second-largest centralized exchange in 2023, with a 9.5% market share and $687.0 billion in spot trading volume for the year.

According to the report, Upbit benefited from the Kimchi Premium, which resulted in strong local demand and premium prices for crypto assets. 

The exchange’s monthly spot trading volume hit a yearly high of $90.7 billion in December, with a 93.5% quarter-on-quarter (QoQ) increase.

Conversely, OKX secured the third position among centralized exchanges in 2023, with a 6.7% market share and $485.9 billion in trading volume. Throughout the year, OKX experienced a steady increase in market share, starting at 5.1% in January and ending at 8.9% in December. The exchange’s trading volume in Q4 reached $177.9 billion, reflecting a notable 151.6% QoQ gain.

Among the top 10 centralized exchanges, CoinGecko reports that MEXC recorded the highest growth in Q4 2023, with trading volume surging by 203.7% to $90.4 billion. 

Bybit followed closely with a growth rate of 162.1% ($107.5 billion), while KuCoin experienced a growth rate of 161.2% ($49.2 billion). KuCoin regained its spot in the Top 10 in Q4 after briefly losing it in Q3, with a market share of 3.3% at the end of December.

Binance

Binance Coin (BNB) has successfully maintained its position above the $300 threshold, with the current trading price standing at $304. This represents a 1.8% decrease in price over the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com 

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Binance Smart Chain (BSC) Market Cap Hits New Milestone, Registering 48% QoQ Surge

Binance Smart Chain (BSC) has demonstrated notable growth in key metrics during the fourth quarter (Q4) of 2023, as highlighted in a comprehensive report by Messari. 

As the third-largest Layer-1 protocol by market capitalization, BSC experienced positive progress across its financial indicators, signaling a productive quarter for the blockchain ecosystem.

Binance Smart Chain Record-Breaking Transactions

The report reveals that BSC’s market capitalization witnessed a 48% quarter-over-quarter (QoQ) surge. This surge reflects renewed interest in BNB (Binance Coin), the native asset of BSC, following two consecutive quarters of decline.

Moreover, BSC’s revenue measured in USD experienced a significant QoQ growth of 27%. This revenue surge, amounting to over $39 million in Q4, indicates increased activity on the protocol and the implementation of various initiatives throughout the year.

Binance Smart Chain

Gas fees burned in BNB, a metric reflecting network activity, also saw a notable QoQ increase of 21%. The rising number of transactions and smart contract interactions contributed to increased gas fees burned, further reinforcing the Binance Smart Chain ecosystem.

In addition to financial metrics, BSC showcased impressive improvements in other areas. The number of active validators increased by 25% QoQ, highlighting growing trust and participation in securing the network. BSC’s commitment to decentralization was evident as the protocol experienced a 54% YoY increase in active validators.

According to Messari, throughout 2023, BSC demonstrated its ability to handle heightened activity while simultaneously reducing costs for users. Daily transactions on the network witnessed a 35% year-over-year (YoY) increase and a 30% QoQ surge, averaging around 4.6 million transactions per day in Q4. 

These spikes in transaction volume were attributed to inscription-related activity, with BSC processing a record-breaking 32 million transactions on December 7, 2023.

BSC’s DeFi Ecosystem Reaches $4.6 Billion TVL

Despite a decline in daily average active addresses and new unique addresses, primarily due to users exploring alternative chains like opBNB, BSC’s on-chain activity remained robust. 

The protocol’s ecosystem of stablecoins, dominated by Tether’s USDT, reached a total value locked (TVL) of $4.6 billion in Q4, showcasing a 33% QoQ increase in Decentralized Finance (DeFi) TVL.

Binance Smart Chain

While Non-Fungible Token (NFT)- related metrics declined in Q4, Binance Smart Chain and Ethereum (ETH) witnessed a resurgence in activity toward the end of the quarter, indicating a potential upward trend in the next market cycle.

Binance Smart Chain

In addition to BSC’s growth, BNB also experienced notable price movements. After a sharp drop, BNB surged from $238 to reach the $338 level. However, it later retraced to $287 following a correction. 

In the past 24 hours, BNB has recorded a growth of 3.7%, pushing its current trading price above $302. 

Featured image from Shutterstock, chart from TradingView.com 

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BNB Price Could See Major Drawdown If It Fails To Stay Above This Support

BNB price started a fresh decline from $320 resistance zone. The price is now retesting the $290 support and is at risk of more downsides.

  • BNB price is gaining bearish momentum from the $320 resistance.
  • The price is now trading below $310 and the 100 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support at $315 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair might continue to move down if it fails to stay above the $290 support.

BNB Price Takes Hit

In the past few days, BNB price made more than three attempts to clear the $320 resistance zone. However, the bears remained active and protected more gains.

As a result, there was a bearish reaction below the $315 level, like Bitcoin and Ethereum. There was a break below a key bullish trend line with support at $315 on the 4-hour chart of the BNB/USD pair. The pair even declined below the $300 level and tested the key support at $290.

A low is formed near $290.3, and the price is now struggling to correct higher. BNB price is now trading below $310 and the 100 simple moving average (4 hours). Immediate resistance is near the $298 level or the 23.6% Fib retracement level of the recent decline from the $320 swing high to the $290 low.

BNB Price

Source: BNBUSD on TradingView.com

The next resistance sits near the $305 level. It is close to the 50% Fib retracement level of the recent decline from the $320 swing high to the $290 low. A clear move above the $305 zone could send the price further higher. In the stated case, BNB price could test $320. A close above the $320 resistance might set the pace for a larger increase toward the $335 resistance. Any more gains might call for a test of the $350 level.

More Downsides?

If BNB fails to clear the $305 resistance, it could continue to move down. Initial support on the downside is near the $290 level.

The next major support is near the $285 level. The main support sits at $272. If there is a downside break below the $272 support, the price could drop toward the $250 support. Any more losses could initiate a larger decline toward the $220 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $290, $285, and $272.

Major Resistance Levels – $298, $305, and $320.