- There has been a slight decline in the BNB/USD range market in the last trading days.
- The $18 upper range mark now remains the barrier to the BNB/USD trade’s further upward movement presently in this crypto-market.
BNB/USD Long-term Trend – Ranging
- Distribution territories: $24, $26, $28
- Accumulation territories: $8, $6, $4
In the last couple of days, BNB/USD trade valuation has been seeing a slightly decline in a range. Equally, the same $18 and $14 range points being kept over a few weeks are still intact until now.
The pair couldn’t forge ahead after seeing a slight push above the median range spot on March 16, hence, the cause of a line of lower lows in the market. The 14-day SMA is now found within the range zones near below the $16 median mark. The 50-day SMA is located below a lower price mark at $12. The Stochastic Oscillators have slantingly bent from the overbought zone to point south-east within ranges 60 and 40.
BNB/USD bullish market sentiment may not be having it smoother against the bears while the $18 upper range mark remains unbroken northwards. Meanwhile, the crypto-market may as well soon possibly witness different closer range spots a bit below the current range points.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Binance Coin (BNB) Rampages Again, Gains Staggering 287% in 2019
By CCN.com: Binance Coin (BNB) is the best performing crypto asset in the global market with the exception of cryptocurrencies that launched in 2019.
According to OnChainFX, BNB was the only crypto asset to achieve an all-time high this year since 2017 and it is down about 9 percent from its record high.
In contrast, bitcoin, which has performed relatively well throughout the past year, is down about 73 percent from its all-time high. Most ERC20 tokens in the market are down about 90 to 99 percent against the U.S. dollar.
WHY BINANCE COIN (BNB) APPEALED TO CRYPTO INVESTORS
Throughout the past year, especially in recent months, the Binance team has shown promising progress in the development of the Binance Chain mainnet and Binance Decentralized Exchange (DEX).
This month, the Binance Chain mainnet was released and several projects in the likes of Mithril already migrated to Binance Chain from Ethereum.
— CZ Binance (@cz_binance) April 25, 2019
The high level of developer activity around Binance Chain and the profitability of Binance, which reportedly recorded a $71 million profit in the first quarter of 2019, likely appealed to investors in the crypto market.
But, the crucial catalyst of the momentum of BNB was the development around Binance Chain and DEX that many investors perceive could be the future of the market.
As the market matures and fiat on-ramps become less popular as before, DEXes could see an increase in usage considering that the trend of the technology sector is also moving towards pro-privacy in recent months.
JP Vergne, an Ivey Business School professor, said in a study:
Besides, a new cryptocurrency may look more appealing than its older competitors at the time of introduction, but if it is not backed by a solid team of developers who continually improve its underlying software, over time it will be unable to maintain its initial technological advantage.
After all, every blockchain network is a piece of software and a protocol. Hence, high developer activity and a strong community are key for the long-term success of a blockchain-based project.
HOW BINANCE COULD SUSTAIN GROWTH
Binance Coin already achieved a new all-time high while the market is suffering from a 16-month bear market and the valuation of the crypto market is down nearly 80 percent from an all-time high.
A further increase in value from the current level of BNB is difficult to expect in the short-term because BNB is up already 287 percent year-to-date and has outperformed every cryptocurrency in the market.
But, if Binance Chain shows signs of evolving into a more decentralized and a distributed network for decentralized exchanges, and the open-source developer community in crypto takes the lead, it could act as a stimulus for the next wave of growth for Binance.
The first phase of BNB was the launch and beginning of the buyback program. The second phase was the launch of Binance Chain and Binance DEX. Similar to Ethereum in 2017, the third phase of Binance Chain is to prove the worth of its valuation and whether it can turn out to be a viable blockchain for DEXes like investors expect.
The DEX market, although it lacks competitors, is still quite tight with protocols like 0x and platforms such as Kyber Network and Airswap fighting for market share.
Binance now lets users purchase crypto with credit card through Binance app
Binance has announced the ability for users to purchase cryptocurrencies through the Binance mobile application.
Not only is it possible to purchase cryptocurrencies with a credit card through the Binance exchange, it is now also possible to purchase cryptocurrencies through the Binance application.
Binance announced in a recent tweet that users can now make use of the application to purchase cryptos including BTC, ETH,XRP ,LTC and BCHABC are now possible through the Binance Android app.
— Binance (@binance) April 25, 2019
The new addition comes just months after the exchange added the ability to buy cryptos on the Binance website. In an attempt to make widespread adoption easier, Binance believes giving users the opportunity to buy directly from the exchange will help expand user growth.
Binance unveils new crypto exchange in Singapore, features limited
After much anticipation and months of waiting, the Binance Singapore crypto exchange is now live, but lacks a lot of features compared to the company’s main exchange, as first reported byTechCrunch.
Currently the Singapore exchange only offers the purchase of Bitcoin using Singapore dollars, a trading pair that limits the exchange greatly. The Binance Singapore website states that in order to buy this trading pair you must link your Xfers account, which is a Singaporean approved crypto wallet. Once you do this, the site claims that you’ll be able to buy and sell Bitcoin as much as you wish.
A spokesperson for Binance spoke to TechCrunch regarding the launch of Binance Singapore:
“Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.”