Binance Coin (BNB) saw a rise after reports that Binance secured a $2 billion investment from Abu Dhabi's MGX group.
BNB's Brief Rise Post Investment
Currently, BNB is trading at $559, up 1% in the last 24 hours. Market cap also increased by 1%, while trading volume decreased by 31.578%. This investment from MGX is the largest single investment in any crypto firm, and MGX plans to acquire a minority stake in the exchange.
Current Market Standing of BNB
BNB hit its all-time high of $750 in early December, losing 29% since. The price recently bounced off a key support level at $511. The RSI is currently at 38, which indicates room for bulls to take control.
Technical Analysis and Growth Prospect
The BNB daily chart shows a bullish flag pattern forming, indicating a possible rally. If the price breaks out, it might reach $750. However, there's a resistance level at $721 that needs to be overcome.
MGX's investment could support BNB's market position, but breaking the resistance level is crucial for reaching new highs.
