Binance Coin price nears $500
BNB coin is trading at $440, a few points below its week’s high of $467. Its total market capitalization is over $72 billion, making it the third biggest cryptocurrency in the world after Bitcoin and Ethereum.
BNB is the native currency for the Binance Smart Chain (BSC) ecosystem, a network similar to Ethereum and Solana, allowing developers to build decentralized applications.
DeFi Llama data shows that there are over 123 decentralized finance applications built on BSC, with a total value locked (TVL) of over $18 billion.
Binance announced a $1 billion fund to support the BSC ecosystem, with $300 million allocated to a builder program and $100 million to boost liquidity in DeFi platforms.
The fund will also support subsectors like gaming, virtual reality, and NFTs, according to an executive director.
The four-hour chart indicates that the BNB price moved above the key resistance level at $450, a bullish signal. The coin has also moved above the 25-day and 50-day moving averages, a bullish signal.
The next key resistance level to watch is $500, according to price action analysis. If the price moves below $415,