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Despite Bitcoin price pushing up, and a break-out alt-season, Binance Coin (BNB) is struggling to make gains, and following a -1% drop dejected bag-holders are now asking ‘Is Binance Coin going to Zero?’ – find out in BNB price analysis.
This comes as disappointing reports surrounding Binance’s IRI crypto industry recovery fund sweep through the charts.
The Binance’s Industry Recovery Initiative (IRI) is a $1bn fund established by CEO Changpeng Zhao, with the stated goal of helping the industry recover following the seismic collapse of disgraced industry giant FTX back in November 2022.
Yet, reports from Bloomberg have revealed almost a year later less than $30m of the $1bn fund have been spent.
Binance Coin holders had anticipated the fund would be used to substantially boost Binance’s holdings, however, with the fund apparently sat idle – price action has turned sour.
BNB Price Analysis: As Crypto Market Pump Leaves BNB in the Dust, Is Binance Coin Going to Zero?
As BNB price action fights to hold position, Binance Coin is currently trading at a market price of $225.2 (representing a 24-hour change of +1.35%).
Ongoing positioning comes following a strong bounce-off the 20DMA (now sat at $213) on October 19, in a move which has seen BNB hammer back above the $225 mark.
With Binance Coin trading at a +5.39% divergence above the 20DMA – a successful consolidation here could set the stage for a move up to the higher $237 price level.
Meanwhile, upside targeting remains at the gradually descendant 200DMA (stood at $254).
However, a rising RSI could trigger caution in the charts, with the leading indicator showing an oversold signal at 63.38.
Yet, there is still capacity left in the RSI to push up to the $237 price level.
This is contrasted by the MACD momentum indicator, which depicts bullish divergence at 1.9.
Overall, Binance Coin is in critical position here – with consolidation coiling up for a break-up or break-down move (likely dependent on a decisive next move from Bitcoin).
This leaves BNB with a short-time frame upside target at $237 (a possible +5.24%).
While downside risk could see BNB fall back to 20DMA support at $213 (a potential -5.42%).
Binance Coin therefore carries a risk: reward ratio of 0.97 – a mediocre entry with roughly even risk reward (but certainly not going to zero anytime soon).
Meme Kombat Presale Surges With Bitcoin Pump – Smashing 740k Don’t Miss Out
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
Can’t believe we made it into @BuryCrypto‘s top 5 crypto to buy right now, and number 4 no less🔥
Believe in Kombat frens💪
Watch the full video here:https://t.co/vl3g6HpNGa pic.twitter.com/DfkWrMuhQn
— Meme Kombat (@Meme_Kombat) October 26, 2023
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Delivering GameFi to Crypto Rivalries in Dramatic Fashion with Staking
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
We’re not the only ones celebrating Meme Kombat hitting the $700k checkpoint🤩
Check out this video from @cryptonews covering the $MK presale:https://t.co/yOM3MUdV5K pic.twitter.com/BvMut9CGzA
— Meme Kombat (@Meme_Kombat) October 25, 2023
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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