- Binance co-founder CZ Zhao donated 500 BNB for earthquake relief in Thailand and Myanmar.
- BNB’s price surged after rejecting the $608 resistance as bullish indicators and liquidation data signaling further gains.
The crypto space is evolving fast in playing a key role in disaster manager.
In the latest tweet from CryptosRus, Binance co-founder Changpeng Zhao (CZ) was in the headlines after donating 500 BNB to aid relief in Thailand and Myanmar.
The donation comes following a 7.7-magnitude earthquake that resulted in 144 deaths.
The milestone move not only highlights crypto’s potential to aid in rapid disaster relief but also coincides with a surge in the altcoin price.
BNB rejects a key support
Following the donation news, BNB rejected the $608 resistance level and saw a 2% surge in price. Binance Coin’s market sentiment has also shifted as most technical and on-chain indicators sparks bullish signals.
Notably, the stochastic RSI is in the oversold zone, indicating a potential price reversal to the upside.
Also, the altcoin market structure has also changed to an uptrend following the bullish run over the last two weeks, pointing to continued price rallies.
Market participants are closely monitoring BNB’s movement in anticipation of further rally if key resistance levels are breached.
Source: TradingView
Liquidation data suggests further rally
Liquidation data adds another bullish layer to BNB’s market outlook. According to AMBCrypto analysis on Coinglass data, approximately $5.87 million worth of BNB is set for liquidation at the $648 price level.
This buildup in liquidation pools suggests increased buying pressure, further supporting the rally.
Historically, liquidation levels have been used to gauge market sentiment by investors. And in this case, a move towards $648 can trigger more liquidations as a result, propelling price appreciation at a quicker pace.
If the bullish trend continues, BNB price can rally to test higher levels within the next few days.
Source: Coinglass
Crypto role in disaster relief expands
Zhao’s donation is in line with growing potential for humanitarian relief using crypto. Unlike traditional donation methods, crypto transactions offer speed, transparency and global accessibility.
This enables resource mobilization efficiently to disaster areas.
Binance has pioneered such efforts with applications of blockchain technology for social impact.
The new donation not only adds to the relief efforts but also reinforces trust in the impact of crypto in solving real-world calamities.
