- Binance new event offering free NFT minting received overwhelming demand, claimed in a record five hours.
- Despite the exchange's legal troubles with CFTC, BNB is recovering from a dip in price earlier in the week.
- Bicasso NFTs are presumably the driving force behind the uptick.
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC). The recovery rally comes as Binance made a bold venture into the world of AI-infused non-fungible tokens (NFTs), and BNB token has recorded an interesting reaction.
BNB price rises 5% as Binance ventures into the NFT marketplace
BNB price is up 5% since March 28, just after US regulator CFTC targeted Binance on allegations of violating regulations and showing American customers how to evade compliance controls. The case was a civil complaint filed in a federal court in the Northern District of Illinois.
The uptick in BNB price has been traced back to the excitement and newfound hope about Binance making a foray into the immersive world of AI-infused NFTs. Community members are elated about the giant exchange's determination to secure a presence in the NFT marketplace.
The announcement first came in a March 29 Twitter post by Binance CEO CZ, telling community members that the much-awaited Binance Bicasso was officially launched with free minting privileges.
Annnnnd… voilà !— CZ Binance (@cz_binance) March 29, 2023
100k NFTs minted in 5 hours only (instead of 12h anticipated)! https://t.co/ZxgromOoUM
In the post, the Binance executive highlighted that there were 100,000 mints available, which would be distributed on a first-come, first-serve basis. CZ posted an update later that day, showing that all 100,000 mints had been claimed in a record five hours, seven hours earlier than anticipated. This pointed to an overwhelming demand for Binance Bicasso digital collectibles.
BNB price could soar 12% on Binance's new foray
BNB price is trading with a directional bias, northbound, with a 5% climb since March 28. At the time of writing, Binance Coin is exchanging hands for $317 after gaining 1% on the last day. The token's 24-hour trading volume is also up around 25%, indicating keen investor activity.
An increase in buying pressure above the current price could see BNB price ascend to breach the immediate resistance level at $325. Beyond that, the altcoin could extend a neck up to confront the next barricade at $339 before tagging the $357 resistance level. Such a move would denote a 12% climb from the current price.
BNB/USDT 1-day chart
Conversely, if BNB price drops, possibly due to profit taking or the hype around the Binance Bicasso NFT wearing out, the first logical scenario would be to lose the support offered by the 50-day Exponential Moving Average (EMA) at $309 before a retest of the 100- and 200-day EMAs at $302 and $299, respectively. A daily candlestick below the 50-day EMA support level will invalidate the bullish thesis.
In the dire case, BNB price could descend to post the March 13 lows around $287, or in the worst-case scenario, extend a leg down to tag the $263 support floor.
Nevertheless, Binance’s foray into the NFT market is a timely move that could play a role in offsetting some of the negative publicity the exchange is currently receiving.
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