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Binance Coin set to hit $10, Stellar (XLM) At Risk Of Being Overtaken By BNB

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The Binance coin BNB has been outperforming in the cryptocurrency market since the past two weeks. As if moving from the 12th spot to the 10th spotin less than two weeks isn’t outstanding enough, BNB is taking things to another level with a trading price nearing a $10 breakout.

At the moment of this writing, BNB is the second cryptocurrency amongst the top 15 to attain gains of as much as 6.46% against the USD while other coins and tokens manage to rake in between 1 to 3%.

BNB’s performance so far

At press time, BNB’s current trading price of $9.78 is the first new yearly all-time high for the coin who last saw this price on the 14th of November 2018 and later closed at a price of $8.41. The last four days have seen BNB build its momentum through an increased trading volume. Yesterday, trading volume hit $125.41 million and has since surged by a whopping $25.44 million, landing it at $139.66 million at press time.

Due to the speedy movement of trading volume, BNB only traded on the $8 mark for 4 days, after which it climbed up to the $9 mark. Not only was this price attained just yesterday, but the coin is also soon to cross over to $10 in a short period of time. All thanks to traders from the Binance exchange who have become the top pioneers of the coin’s top two trading volume within the past 24hrs.

Stellar XLM against BNB

Meanwhile, the competitive market volume between BNB ($1.38 billion) and Stellar XLM ($1.52 billion) which is currently occupying the 9th spot is only $14 million apart. Considering the pace at which BNB is moving, against XLM which is struggling to draw in gains of 0.50%, both coins have a high possibility of colliding and going further to trade positions.

Apparently, BNB just might bring CZ’s dream of the coin attaining the 9th position to live in just a few hours if trading volume continues to maintain this level of speed and stability.

Source: zycrypto

Binance Coin

Binance Coin Price Prediction: Will BNB Hold the $25 Support Level?

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Binance Coin price:$25.60
Key BNB resistance levels:$30, $40
key BNB support levels:$25, $20

*Price at the time of writing


Binance coin Long Term Price Prediction: Ranging

Binance Coin BNB, -0.35% is currently in a ranging market according to the weekly charts. It’s trading just above its key support level at $25 after an immense run from $5 at the start of the year. BNB looks to be suffering from the Bitcoin pullback and the general markets but it is still in a good position to trade higher.

Over the long-term, we can expect BNB to continue flirting with its key support levels around the $25 area. If support does not hold, the coin could drop to its next support level at $20.

Binance coin Medium Term Price Prediction: Bearish

Looking at the medium-term, daily charts we see a grimmer picture for the currency. The RSI is pointing down but is not yet in oversold territory. The coin is also below its 9-day moving average and is looking to move lower.

As markets do not move in a straight line, we could expect a slight bounce to the upside, especially if the RSI dips in oversold position. Traders looking to trade the bounce could jump in and save BNB from falling further.

To give this temporary downtrend some credit, the volume from yesterday’s daily candle was substantially higher than others in the previous weeks and is showing no signs of slowing down.

Binance coin Short Term Price Prediction: Bearish

On the short-term, 4-hourly charts, we see that sellers are firmly in control. The RSI made a head and shoulders pattern in the oversold territory and its currently staying put. Buyers jumped in briefly to move the needle towards the bulls, but the overall trend is downwards.

BNB continues to slide in favor of the bears despite rumors that Binance intends on opening a cryptocurrency exchange in South Korea. Details of the proposed opening remain scarce, but some sources have indicated that Binance would work with local partners to open a new exchange in the country.

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Binance Employees Burn Nearly $24 Million in Binance Coin, Up Over 400% in 2019

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Binance employees burned 808,888 BNB, worth nearly $24 million, from their own coin allocations on Thursday. And they aren’t done, according to Binance CEO Changpeng Zhao.

Says Zhao in a blog post,

“According to the Binance whitepaper, 40% of the total BNB supply (80,000,000 BNB, currently worth about US$2,400,000,000) was allocated to the Binance team, as a reward to the work they have put into building the Binance ecosystem. But now, we are giving that up, and we will contribute this to the BNB burn. We are doubling down on our mission to exchange the world and spread the freedom of money.”

Binance initially created 200 million BNB and promised no more coins would ever be generated. The company’s current goal is to reduce the currency’s total circulation to 100 million BNB. The structure is designed to help make the coin an attractive investment due to its inherently deflationary nature.

Explains Zhao,

“The eventual total supply of BNB will still be 100,000,000 BNB. The current total supply of BNB is 189,000,000 BNB, which means that 89,000,000 BNB still need to be burned. The team will burn off the 80,000,000 BNB team allocation first, and the remaining 9,000,000 BNB will be burned by Binance.com exchange.”

Prior to the employee burn, Binance had used 20% of its profits every quarter to buy back BNB to burn. BNB is up over 400% since the start of the year. Bitcoin, the world’s leading cryptocurrency, is up just over 200% at time of writing.

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Binance Coin (BNB) Prices Are Flat, Is Changpeng “Killing” ETH?

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  • Binance Coin (BNB) flat-lining, down 3.1 percent
  • Ethereum being sidelined, Binance delisting and shunning ETH trading pairs

By rebranding and delisting PHX/ETH trading pairs, observers say Binance is deliberately sidelining Ethereum projects. Understandably, Binance following their mainnet launch is a competitor. At the time of writing, BNB is down 3.1 percent.

Binance Coin Price Analysis

Fundamentals

Competition forces innovation. Following governments and regulator involvement, ICOs as a fundraising model was slowed down. With stringent requirements and outright bans in several countries, including in China and South Korea, project managers were forced to shelve their plans or exclude investors in their crowdfunding.

Finding a gap, Binance launched its crowdfunding platform, the Binance Launchpad. Through this fundraising model, many analysts reckon that the exchange is the ultimate “Ethereum killer.”

The reason is because of the exchange’s decision not to list several tokens against ETH and in some cases entice projects away from Ethereum platform. Their plan of Binance Chain could be a reason.

However, their decision of not listing trading pairs against ETH is a cause of concern and even foul play. The rebranding of Red Pulse Phoenix Binance (PHB) and listing of new trading pairs was a signal

“Additionally, Binance will open trading for PHB/BNB, PHB/BTC, PHB/USDC, PHB/TUSD, and PHB/PAX trading pairs at 2019/05/24 04:00 (UTC). Once trading opens, the previous PHX/BNB, PHX/BTC, and PHX/ETH trading pairs will be removed and delisted.”

Meanwhile, Binance will open a new branch in Singapore, enabling trading of fiat pairs. An upgrade from the one trading pair it previously supported, Binance Singapore now supports Litecoin, Bitcoin and Ethereum against Singaporean Dollar. Besides, Singapore Fast and Secure Transfers system will enable fast deposit and withdrawal.

Candlestick Arrangement

Binance Coin BNB

Although Binance is expanding, BNB is under pressure. Technically bullish, BNB is down 3.1 percent in the last day, printing dojis at $30. Even though bulls have a chance, depending on the performance of Bitcoin and other liquid assets, BNB may slide.

In that case, a needed retracement to $25 or lower could be on the cards. Note that BNB is one of the top performers in the first half of the year. Posting near perpendicular ascension, it is likely that there is exhaustion.

However, if buyers flow back, then any breach and close above $43 could see BNB rally to $70. Cementing buyers, the breakout candlestick ought to be with high trading volumes exceeding 4.9 million of June 14.

Technical Indicators

Aforementioned, June 14 bear candlestick leads this trade plan. Marking buyers, the rally past $43 ought to be with high participation above 4.9 million. On the other hand, losses below $30, signaling cooling prices should be with equally high trading volumes.

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