Is Binance Coin Going to Zero? BNB Price Drops 1% as Newcomer Coin Races Past $750,000 Milestone
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.
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
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