- BNB price hovers around $577 on Thursday after bouncing off its key support level the previous day.
- On Wednesday, BNB and MEXC announced a partnership to accelerate listings, boost global exposure, and support high-potential projects.
- This aligns with BNB Chain’s $100 million Liquidity Incentive Program, which encourages exchanges to list native BNB Chain tokens, enhancing ecosystem liquidity.
Binance Coin (BNB) price stabalizes around $577 on Thursday after bouncing off its key support level the previous day. On Wednesday, the BNB Chain and MEXC exchange announced a partnership to accelerate listings, boost global exposure and support high-potential projects. This aligns with BNB Chain’s $100 million Liquidity Incentive Program, which encourages exchanges to list native BNB Chain tokens, enhancing ecosystem liquidity.
BNB and MEXC partners to boost listing
BNB Chain and MEXC exchange announced a partnership on Wednesday. The partnership will focus on providing new projects with faster market access and global exposure. This collaboration builds on MEXC’s announcement, highlighting support for BNB Chain projects through expedited listing channels and priority reviews for MEXC Alpha Ranking.
This aligns with BNB Chain’s $100 million Liquidity Incentive Program, which encourages exchanges to list native BNB Chain tokens, enhancing ecosystem liquidity.
This partnership indicates a positive outlook for BNB Chain. It is easier for new projects to list on MEXC, a major centralized exchange (CEX), boosting ecosystem activity and adoption and potentially deflationary pressure on BNB’s supply, which could support a higher price.
BNB Price Forecast: Bounces off key supportstabilized
BNB price faced rejection from its 200-day EMA on Friday and declined 7.75% last week. As of this week, it continued its decline and retested its key support level of the 61.8% Fibonacci retracement (drawn from its August 5 low of $400 to the December 4 high of $793.82) at $550.44, which roughly coincides with the upward trendline (drawn by connecting multiple lows with a trendline since early August). However, it found support at this level and bounced off by 5.17% on Wednesday. At the time of writing on Thursday, it stabilizes at around $579.
If BNB continues its recovery, it could rally to test its previously broken daily level at $612.50. A successful close above this level could extend an additional rally to retest its March 25 high of $644.88.
The Relative Strength Index (RSI) on the daily chart reads 44 and points upward toward its neutral level of 50, indicating fading bearish momentum. The RSI must move above its neutral level of 50 for the bullish momentum to be sustained.
BNB/USDT daily chart
If BNB faces a correction, it could decline to retest its key support level of the 61.8% Fibonacci retracement at $550.44.
