The recent business deal between Binance and BMW can be the next big thing for Binance and BNB.
Binance Coin (BNB) is the native digital token developed by the developers of the Binance blockchain.
Over the past several months, the price of BNB has been declining. But since December 17th, the price of Binance Coin has significantly risen, as the price has climbed by 17%.
As of this writing, the BNB is being traded at $244. But experts are hopeful that its price will go up further since BMW and Binance exchange has developed business ties.
Moreover, it is also expected that the price of BNB on January 1st, 2023, might go up to $245.8.
Binance and BMW Partnership
One of Germany’s biggest automobile companies, BMW, joined with Binance exchange and Coin web.
These two Crypto giants will develop the blockchain platform for BMW’s operations. As per the current information, the partnership consists of two phases.
In the first phase, the company will shift its operational hierarchy to the blockchain platform, which will help the company cut the hectic paperwork and fast-pace its operations.
The second phase is developing the loyalty program that will be produced by Coin web.
The loyalty program will be a Web 3-based platform that will be meant to benefit BMW’s loyal customers.
Customers will be grouped into various sections depending on their tenure with the company and how much they have purchased over the years.
Experts Are Expecting 7.4% Gain on the Price of BNB amid the Short-term Bullish
BNB chart movement shows that the coin will break the symmetrical triangle pattern. That means the line is on the extreme rise.
That is why experts are certain that soon BNB will be surrounded by short-term bulls. This means investors have welcomed the recent deal with BMW.
As a result, the price of BNB is expected to gain 7.4% by the start of the New Year. Moreover, the technical indicators of BNB also seem that the coin will avoid its bearish decline at $225.
The first resistance level for BNB will be at $252 by the start of the New Year once the token has crossed the $252 mark. The token will go further high and can achieve a 7.4% growth rate.
BNB can go all the way up to $264. The RSI of BNB is also on the rise, which might push investors to go long on the token.
Binance Coin Whales were more active in the market as they started to stockpile the BNB tokens into their portfolios. As the price hike is expected, the timings seemed perfect for further purchase.
The biggest BNB whale owns 3.3% of the total supply of Binance Coin. The coin’s market cap has increased by 3.18% over 24 hours.
They are showing strong buying sentiment over the price of BNB. As market sentiment is positive over the BNB token, the strong price performance is expected from the token.
As the New Year is around the corner, other cryptocurrencies, such as BTC and ETH also shown positive signs. The market forecast for 2023 has been positive.
Experts Are Backing Altcoins Investment for 2023 As These Coins Allow Greater Diversity
For 2023 experts are particularly favoring the altcoins and urging investors to buy altcoins. The reason is that the majority of the altcoins are priced under $1.
Apart from ETH, some of the most expensive altcoins are easily reachable. That means altcoins investment only requires a little initial capital and offers a great range of diversity.
A diverse crypto portfolio is crucial to avoid losses in the cryptocurrency marketplace.
In 2023 all the cryptocurrencies could have been better. But in 2023, when market trends are improving, investors might be on their way to diversifying their digital assets collection. That is why investors are stockpiling altcoins in their digital portfolios.
Experts have urged investors to look at the newly launched altcoins. They hold greater potential to give returns.
