BNB Price Prediction as Binance’s Space ID Receives $2.8B in Commitments

Pathik Bhattacharya
Pathik Bhattacharya
Published on March 23, 2023 12:41 AM

The Space ID token auction, which raised $2.5 million from exchange customers, had over 8.4 million bnb tokens committed.

BNB Price Prediction as Binance’s Space ID Receives $2.8B in Commitments
Source: inance academy

In a major development for the crypto world, Binance has launched its latest launchpad - Space ID - which has become the talk of the town for traders looking to get in on the ground floor of new projects.

Over a 48-hour period that started early on Tuesday, the Space ID launchpad received a massive 8.4 million BNB (BNB) tokens in commitments from 99,000 holders, as its subscription ended in the European morning hours on Wednesday.

At current market prices for BNB, this amounts to over $2.85 billion in commitments, which is a testament to the hype surrounding the launchpad. However, the project's hard cap for funding is a relatively modest $2.5 million, with tokens offered at a rate of 0.00007412 BNB for each 1 ID, and a total of 100 million ID offered.

While not all of this money will flow into Space ID's ID tokens, the final allocation will be calculated based on the number of BNB commitments to the total number of holders who participated.

This news has helped BNB to consolidate between $329 to $340, with traders flocking to Binance to participate in the launchpad and acquire the much-hyped ID tokens. As such, this launchpad has become yet another lucrative bet for traders looking to invest in the crypto space. Experts believe that BNB Price prediction will go higher after the fed meeting.

BNB Price Prediction

At the time of writing, the BNB price is $329.82 USD, with a 24-hour trading volume of $1,092,257,795 USD. In the last 24 hours, BNB has down 1.93%. BNB is currently ranked #4 on CoinMarketCap, with a market cap of $52,075,564,558 USD. There are 157,890,518 BNB coins in circulation.


bnb price chart

Source: CoinMarketCap

BNB Coin’s price has risen by 21.13% in the previous 10 days, bringing the cryptocurrency to $336. The cryptocurrency is presently challenging a critical support level of $332, which also corresponds to the previous year-to-date highs before BNB reached $339 on March 17.

This price level also serves as the bottom boundary of the resistance zone that extends from $332 to $357.

The positive momentum implies that the Binance Coin price may be able to continue rising as it attempts to break above the important barrier level of $357.

Surprisingly, the Relative Strength Index (RSI) is flirting with the overbought zone of over 61.0. Historically, entering this zone has signalled a period of cooling for the cryptocurrency, followed by corrections or consolidation.

Even if BNB consolidates around the $332 level, it will just be prepping for a greater increase.

If the support level is broken, the Binance Coin price will have another chance to recover to $321 before falling to $297. The latter is a major support level, the failure of which would send the cryptocurrency to a year-to-date low of $265.


bnb weekly chart

Source: TradingView

Binance Chain, the blockchain powering Binance Smart Chain (BSC), has shown significant growth in user adoption and transaction volume, according to the latest on-chain analysis.

According to web3Go, Binance Chain has recorded 1,167,325 active users on its platform, which is 6% more than the platform's average. This is a clear indication of the increasing interest in Binance Chain and the BSC ecosystem.

Furthermore, the total number of transactions on the BSC has increased to 3,671,003, which is a 2.56% increase from the previous period. This surge in transaction volume highlights the growing adoption of Binance Chain and the BSC as a platform for various use cases, including DeFi and gaming.

In terms of token trends on the BSC, XRP and MOBOX are among the top tokens trending on the platform. This indicates that investors are increasingly interested in these tokens and are actively trading them on the BSC. The strong performance of these tokens could also be driving more users to the BSC platform.


bsc onchain data

Source: Web3Go


BinancePrice Prediction


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