- BNB continues its uptrend; reaches above $20
- Price range near $19 acts as a support, starts bullish trendline from there
- The coin records an increase of more than 4% over a week; shows positive signs
As the overall crypto market has initiated to up its game, Binance Coin has also matched its pace with the growing market. While BNB coin has climbed above $20 with stability, Bitcoin is marching towards $9400 price mark again after today’s pullback.
Binance Coin Price Prediction
The BNB coin started the month with its price at $19.90. The coin started a mild surge reaching above $20 which later saw a rapid pullback to $19.94. Seeing a support level there, the coin escalated from there and reclaimed the price range above $20. Since then, BNB coin has kept the price level of $20 intact and at 10:25:51 UTC, the Binance coin is trading at $20.69.
Its been a while since the coin was above $20, as BNB coin price was trading between $22 – $23 in September and has not crossed the same range since then. The coin seems to be facing hurdles at the moment. However, the technical indicators look bullish enough.
The short term SMA line quite above the long term SMA line. MACD chart is also in the bullish zone and RSI just above 50, indicating stability. It is to be noted that amid market volatility, the BNB coin is trading with a bullish sentiment under the ‘buy’ phase.
Binance coin is likely to meet resistance at $20.94, $21.17 and $21.41, while its support levels are at $20.47, $20.23 and $20.00.
Binance accelerates fiat support programme; unveils Turkish lira Fiat Gateway
Malta-based crypto-exchange Binance was in the news after it upped its maximum leverage and margin on BTC/USDT contracts to up to 125x, from the previous 20x leverage, just one month after the successful launch of Binance Futures. While addressing any increase in leverage on Binance’s Futures trading platform in the future, Binance CEO CZ compared the industry to traditional markets and said,
“When crypto gets big enough and the liquidity is high enough those things are definitely possible, but there are no plans right now.”
While there are no plans to increase the exchange’s leverage in the near future, Binance is more focused on adding more fiat supports to its platform. In a recent interview, the company’s CEO said,
“In the past months or so we added five different fiat pairs, like Euro, Nigeria’s NGN, Russian Rubles, KZT, UAH Ukraine, so we are going to add more fiat from all around the world.”
In yet another recent development, Binance has also announced a partnership with Papara to offer deposits and withdrawals of Turkish lira [TRY]. This fiat gateway will help users deposit TRY to their Binance accounts through local debit and credit cards, as well as wire transfers supported by 16 different Turkish banks. Additionally, users on its platform will be able to purchase BNB, BTC, ETH, and XRP, directly using the TRY in their Binance account. The Malta-based exchange’s stablecoin, BUSD, will be available at a later date.
The official blog announcing the development also mentioned that each purchased asset will reach the user’s Binance account in seconds. It further read,
“After TRY is deposited into a user’s Binance wallet, users will also be able to buy crypto with their TRY balance directly on the Buy and Sell Crypto page using our one-click buy/sell service. Please note that the sell function will be available at a later date.”
Binance raises leverage to 5x on margin trading platform
Malta-based cryptocurrency exchange Binance had rolled out its margin trading platform back in July, in order to provide leveraged trading amenities to its users. The platform started off by supporting only six cryptocurrencies, with a leverage of only 3x, as opposed to the 20x expected previously. However, the latest announcement from the Changpeng Zhao-led cryptocurrency exchange seems to be paving the way for the platform to reach its goal of 20x.
As per the announcement, the platform has elevated its maximum leverage of Binance margin trading to 5x, along with a leverage adjustment function. Binance took to Twitter to make the announcement, sharing the development with the community.
The official blog post by the cryptocurrency exchange stated that users would be able to avail an increase in the maximum leverage up to 5x. Since the 3x was the previous maximum leverage on the Binance margin trading platform, an adjustment function has been enabled so that users could set their desired leverage between 3x and 5x. However, this feature is currently limited to web interface users only.
Source – Binance
The margin trading platform on Binance has recorded significant growth lately after the platform added several other currencies, along with many existing ones. The feature supports BTC, ETH, BNB, TRX, USDT, ADA, ETC, BCHABC, and XLM, along with many other currencies. More recently, the platform enabled margin trading for sub-accounts as well.
Despite the growth, however, Binance is still behind BitMEX as it offers up to 100x leverage on a few of its products. BitMEX on the other hand, was recently in the news following the leak of 400,000 customer email addresses. Apart from BitMEX, several other platforms including ByBit and StormGain also offer up to 100x leverage.
Binance announces mainnet Heisenberg hard fork upgrade schedule
Following the successful testnet Heisenberg upgrade, Binance Chain validators have now agreed on a scheduled hard fork upgrade at block height 51,467,800. According to the official blog post for the Binance Chain mainnet Heisenberg upgrade, it will be activated on 28 November at 5:00 AM [UTC], following which the validators, as well as all the full node runners, will be expected to switch their software version to v0.6.3 by 28 November. However, no action will be necessary for BNB token holders or Binance DEX users.
The blog read,
“If you use any exchanges which support BNB [such as Binance.com, BitMax or Gate.io], one of the wallets, or a hardware wallet [such as Ledger, Cool Wallet], you do not need to do anything unless your exchange or wallet service specifies otherwise. There are no changes to Binance DEX matching engine logic.”
After the upgrade is activated, logic changes will occur at the said block height, i.e. the blockchain will be able to handle a series of new business logic.
There are many updates lined up following the hard fork. According to the blog, there will be substantial performance improvements, especially for a larger number of addresses. There will also be Lot-Size enhancements, which means that the lot size will be calculated based on its price against BNB in the upcoming match engine of Binance DEX. There will also be change constraints in the listing of transactions. This essentially implies that both the owner of quote-assets, as well as, base-assets, can send listing transactions after the upgrade is activated.
The Malta-based cryptocurrency exchange had previously published a report which outlined the October updates. The report said that 11 community-submitted listing proposals had been approved of on their distributed exchange platform, Binance DEX, with 2 proposals still in the voting process.