BNB Is Down By 2.87% – Time To Buy BNB?

• Sky Mavis’ $150 million funding round led by Binance
• STEPN gets investment from Binance Labs
• Binance Labs Makes Strategic Investment in Aptos Labs

Binance coin (BNB) has dipped by 2.87% in the previous 24hrs. With the downtrend in the crypto market, is it possible that this is a good time for investors to buy BNB?

BNB, the token created by Binance, is used to pay for goods and services, settle transaction fees on the Binance Smart Chain, and take part in special token sales, among other things.

Based on daily trading volume, Binance is the largest cryptocurrency exchange globally. The exchange’s mission is to push cryptocurrency exchanges to the forefront of global financial activity.

Sky Mavis’ $150 million funding round led by Binance

Binance announced that it had led a $150 million fundraising round for Sky Mavis, producer of Axie Infinity, to restore budgets on the Ronin Bridge. The exchange achieved this feat with the assistance of Animoca Brands, a16z, Dialectic, Paradigm, and Accel.

The funds raised will serve towards repaying users whose accounts were hacked by the Ronin Validator.

On March 23, Sky Mavis’ Ronin validator nodes and Axie DAO validator nodes were hacked. As a result, Ronin bridge lost 173,600 Ethereum and 25.5 million USDC. The attack was staged on social media, and an investigation is underway.

Thanks to the new funding round, all users will be reimbursed, which will be merged with money from Sky Mavis’ balance sheet. The Ronin Network bridge will open after a security upgrade and a series of checks, which could take several weeks.

Meanwhile, Binance has enabled ETH/USDC withdrawals and deposits, allowing most customers to withdraw and deposit. Consequently, individual users will be able to withdraw their funds once the Ronin Network bridge is operational.

STEPN Gets Investment from Binance Labs

Binance Labs, which serves as the venture capital and innovation incubator arm of Binance, is excited to announce its investment in STEPN.

The objective of STEPN is to encourage millions of people to adopt a healthier lifestyle, connect them to Web3, and contribute to carbon neutrality.

This web3 lifestyle app allows users to earn money for every step. Therefore, users wearing NFT Sneakers can earn tokens by going outside. It includes distinct Game-Fi and Social-Fi aspects that keep users engaged and motivated to go out and earn rewards.

For easier onboarding of users, STEPN provides a built-in wallet, swap, marketplace, and many more functions in the app. STEPN will use the funding to develop its software further and expand its community.

Users will be required to download the app and purchase NFT Sneakers appropriate for their exercise level to get started. Then, they can then earn game tokens by walking, jogging, or running outside. The game token can then be utilised in-app games or sold for cash.

Sneaker levels, shoe minting, mystery boxes, NFT customisation, and social interactions are among the in-app gamification features. However, users must manage their in-app assets in numerous modes to get the best results.

Binance Labs Makes Strategic Investment in Aptos Labs

Binance Labs has made a strategic investment in Aptos Labs.

Aptos Labs is a Layer 1 blockchain established by some of the Diem blockchain’s developers to help the decentralised ecosystem gain traction.

Binance and Aptos will collaborate closely to expand the Aptos ecosystem, including development, code review, infrastructure development, hackathons, etc.

Furthermore, Aptos is adding more builders and supporters to the team with the recently obtained fund as a new, independent project focused on providing the safest and most scalable Layer 1 blockchain for everyone.

BNB Technical Analysis

At press time, the BNB price is $430.1. In the last 24 hours, BNB has dipped by 2.87%, with a 24-hour trading volume of $2 billion.

The technical indicators of BNB show a slightly bearish value. The crypto asset is trading across the 50% Fibonacci retracement threshold of $430.1; as a result, BNB will likely see support below that level. However, a broader market bull run could see it rise and break above.

The digital asset’s Relative Strength Index (RSI) stands at 42.78. This shows that BNB is in the underbought zone, so investors can buy BNB and rise with the market.

Furthermore, BNB’s asset is trading below the indicator, with a 50-hour Simple Moving Average (SMA) value of $430.8. This also shows that the asset is slightly bearish and may rise above the indicator in the long term.

In addition, The Moving average convergence and divergence (MACD) indicator shows a weak buy signal.

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