Binance Coin (BNB) saw a very short jump after Binance reportedly announced that it secured a massive $2 billion investment from Abu Dhabi's MGX group.

This investment from MGX group is the largest single investment ever in any crypto firm. According to previous report, MGX will acquire a minority stake in the exchange, but this also solidifies its position as one of the leading crypto exchanges in the work.

Binance Coin (BNB) experienced a slight increase, rising 1% in the past 24 hours to reach $559 by 17:43 ET. This brought a small surge in the market cap, incrementing by 1% to $94 billion. However, the trading volume showed a decline of 31% on the day, reaching $1.44 billion.

Reports indicate that Abu Dhabi's MGX group is investing a substantial $2 billion in Binance, marking the largest single investment ever made in any crypto firm. This investment will provide MGX with a minority stake in the exchange, further solidifying Binance's position as a top-tier crypto exchange globally.

This development could potentially contribute to BNB's price rally to $750, especially if the market trends become more bullish.

Earlier this year, BNB touched its all-time high of $750 in early December, but the price has since decreased by 29%.

Examining the daily chart, the price encountered a key support level at $511, which has been tested multiple times. This support was followed by a bullish candle, although today's candlestick is showing a lower wick rejection.

The RSI level has also moved out of the oversold zone, with the indicator currently at 38, leaving room for the Bulls to exert more influence.

Furthermore, the chart is displaying a bullish flag pattern that has been forming since February. A bullish flag pattern is typically an indicator of an upcoming rally. If the price manages to break out of this pattern, it could reach the $750 level.

Nevertheless, there is a resistance level at $721 that needs to be breached for the price to attain the $750 target or even a new all-time high.

This post was originally published on Benzinga