- Binance co-founder, CZ Zhao, donated 500 BNB to support earthquake relief in Thailand and Myanmar.
- BNB price strongly increased after rejecting the resistance level of $608, with price indicators and liquidation data showing potential for further price increase.
The cryptocurrency field is rapidly advancing in playing a crucial role in disaster management.
In the latest tweet, Changpeng Zhao (CZ), Binance co-founder, was mentioned after donating 500 BNB to support relief efforts in Thailand and Myanmar.
This donation came after a powerful 7.7 magnitude earthquake that killed 144 people.
This notable move not only highlights the potential of cryptocurrency in quickly supporting disaster relief but also coincides with the price increase of this altcoin.
BNB Rejects Important Support Level
Following the donation news, BNB rejected the $608 resistance level and increased by 2%. The market sentiment of Binance Coin also changed as most technical and on-chain indicators show bullish signals.
Notably, the random RSI is in the oversold zone, indicating a potential price reversal upwards.
The altcoin market structure has also shifted to an upward trend after a strong price increase in the past two weeks, indicating continued price growth.
Market participants are closely monitoring BNB's movements, expecting a larger price increase if important resistance levels are broken.
Source: TradingView
Liquidation Data Shows Continued Increase
Additional liquidation data adds a strong layer to BNB's market prospects. According to TinTucBitcoin's analysis of Coinglass data, approximately $5.87 million worth of BNB is in the liquidation process at the $648 price level.
The accumulation in these liquidation pools indicates increasing buying pressure, supporting continuous growth.
History has shown that liquidation levels are often used by investors to assess market sentiment. In this case, a move up to $648 could trigger more liquidations, thus driving faster price growth.
If the price increase trend continues, BNB price is likely to rise higher in the coming days.
Source: Coinglass
Cryptocurrency's Role in Disaster Relief Expands
Zhao's donation aligns with the growing potential of humanitarian relief through cryptocurrency. Unlike traditional donation methods, cryptocurrency transactions provide speed, transparency, and global mobility.
This allows efficient resource mobilization to disaster-stricken areas.
Binance has pioneered efforts to apply blockchain technology for social impact.
This new donation not only contributes to relief efforts but also reinforces confidence in cryptocurrency's influence in addressing real-world disasters.
