BNB ETF Approval Pending: VanEck Files for First U.S. Spot BNB ETF, Amid Buying Frenzy for Memetic Coin ICO Providing Complimentary Bitcoin
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The price of BNB took a 1% hike in the last 24 hours, trading at a cool $577.10 as of 1:28 a.m. EST, with a staggering 19% surge in trading volume. This bullish move comes hot on the heels of VanEck filing an S-1 form with the US Securities and Exchange Commission (SEC) for the first U.S. BNB ETF.
BNB Poised for a Major Uptick
The BNB price has been closely hovering within a symmetrical triangle pattern - a structure indicative of a potential breakout in either direction.
This pattern has been forming over several months, with the Binance Coin price wrapped up tight between gradually converging trendlines. The decrease in volatility suggests that a decisive move is just around the corner.
Originating after an extended uptrend followed by some sideways to bearish action, this triangle setup remains a neutral one until further confirmation.
For now, the 50-day Simple Moving Average (SMA) sits at $600.55, serving as immediate resistance. The 200-day SMA, meanwhile, lingers at $635.73, hinting at a mildly bearish broader trend, as the BNB price presently trades beneath it, according to GeckoTerminal data.
Moreover, the Relative Strength Index (RSI) currently stands at 50.62, indicating a neutral momentum, neither overbought nor oversold, confirming the indecisiveness within the symmetrical triangle.
With this structure and the tepidness of the indicators, a breakout above the triangle and the 50-day SMA could pave the way for another attempt to tackle the 200-day SMA around $635, signaling a bullish shift.
On the other hand, a breakdown below the lower trendline might steer the BNB price toward support in the $560-550 range.
Meanwhile, crypto enthusiasts are showing great interest in BTC Bull Token (BTCBULL), an exciting Bitcoin-themed meme coin.
YouTube channel 99Bitcoins, with over 725K subscribers, foresees a 10X return for BTCBULL holders post-launch.
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The project's presale has already raked in over $5.36 million, highlighting growing interest.
BTCBULL supporters will receive free Bitcoin when BTC surpasses $150K and again at $200K milestones. The goal is to reward loyal backers during times of high market momentum.
The most buzzed-about event is likely the deployment of a monumental airdrop distributing 10% of the entire 21 billion token supply to early adopters once Bitcoin hits $250K for the first time.
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Apart from BTC airdrops, the team also plans to execute token burns, permanently removing a portion of the total supply. The objective is to mimic Bitcoin's approach by increasing scarcity and value.
BTC Bull token holders can also earn passively by staking their tokens for a 77% annual percentage yield (APY).
Investors interested in getting in on the presale can visit the official BTC Bull Token website to pick up some BTCBULL for $0.002495 each using BNB, ETH, USDT, or a bank card.
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In the fast-paced world of crypto investments, technology plays a crucial role. For instance, Binance Coin (BNB) is poised for a major uptick, thanks to developments like VanEck's SEC filing for a BNB ETF and its position within a bullish symmetrical triangle pattern. Meanwhile, BTC Bull Token (BTCBULL), a Bitcoin-themed meme coin, is gaining traction due to its unique Bitcoin rewards system and impending presale milestones. Interested investors can stay updated on both these opportunities by joining our Telegram group.
