Binance Drive For Crypto Dominance Is Massive For BNB, Adds 1.8%
BNB up 1.8 percent
Changpeng Zhao and the team to launch a Stablecoin
Ambitious, Binance wants to conquer the crypto world. There is a Launch Pad for crowdfunding, is active and now plans of launching a Stablecoin are in progress. While at it, BNB is rebuffing sellers, adding 1.8 percent in 24 hours.
Leading this trade plan is May 30th candlestick. It is extensive with high trading volumes of 4.1 million. As a result, any up-thrust confirming bulls of the last five months driving prices above $38 must be with high participation.
Similarly, losses below $30 confirming bears of May 30th must be with high volumes. That will precipitate a sell-off with targets at $25 and $17.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
Even though Tether is the undisputed king, Binance says their coin will be backed by alternative fiat currencies apart from the USD to reflect diversity. It Wei Zhou, the Chief Financial Officer of the crypto exchange,said:
“Our business decisions are made with our users in mind. The goal for issuing a GBP Stablecoin is to provide users with more options and more choice; to diversify the Stablecoin assets for the ecosystem. BGBP will be issued on the Binance Chain, which offers an easy and fast way to tokenize
Changpeng Zhao and team abide by blockchain principles, country hoping and seeking for jurisdictions where laws are supportive of innovation and open to new technology. Towards that end, Binance settled in Malta. However, they have a branch in Jersey for trading BTC and ETH against Euros and GBP. Furthermore, they have a presence in Uganda where traders can exchange coins for the Ugandan shillings and other crypto assets.
Binance Coin Price Analysis
Fundamentals
Vitalik Buterin is concerned. It’s not about Ethereum or what regulators think of ICOs. The muzzle is on Binance and their role in the crypto ecosystem. In two short years, Binance has bulldozed its way up to be a reliable and secure exchange.
“Our business decisions are made with our users in mind. The goal for issuing a GBP Stablecoin is to provide users with more options and more choice; to diversify the Stablecoin assets for the ecosystem. BGBP will be issued on the Binance Chain, which offers an easy and fast way to tokenize
From the chart, the path of least resistance is upwards. Perched at seventh, Binance coin (BNB) bulls seek to print new highs. Changing hands at $31.76, BNB is up 1.8 percent in the last 24 hours, rewind losses of this week.
Since the trend is up and buyers are in control despite this week’s blips, aggressive traders can buy the dips. It’s easy to see why. There is a double bar bull reversal pattern from $30. Propelling the expansion are high trading volumes.
Technical Indicators
Leading this trade plan is May 30th candlestick. It is extensive with high trading volumes of 4.1 million. As a result, any up-thrust confirming bulls of the last five months driving prices above $38 must be with high participation.
Similarly, losses below $30 confirming bears of May 30th must be with high volumes. That will precipitate a sell-off with targets at $25 and $17.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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