Connect with us

Binance

BNB price analysis: Binance Coin at $439 support, bears in control again?

Published

on

  • BNB price analysis is bullish for today, up by 1.8%.
  • The nearest resistance remains unbroken at 446.922 USD.
  • BNB/USDT current price is 443.1 USD, the nearest support being at $439.

Binance, the biggest cryptocurrency exchange in the world by trading volume, has its own token, i.e., the Binance Coin or BNB. BNB has been one of the most lucrative investments for 2021. The cryptocurrency token has seen a 34.48% increase in the trading volume, which stands at 2.21 billion USD.

On the other hand, the market capitalization for the coin soared by 5.05%, at 74.4 billion USD. BNB price analysis has been bullish for today, up by 1.8%. The nearest resistance for the bulls can be seen at $446.922, with the support being at $439.

Currently, the price action is retesting this support level. If the current support fails, we might see the price drop down to support at $420. Bitcoin has been particularly bullish in the month of October, forming a new monthly high. The trading volumes surged, showing an increased interest of investors in the king of cryptocurrencies.

Binance Coin price movement in recent days

According to the data presented by the daily chart, the price of the coin surged by more than 10% on 29th September, while the last day of September brought a 5.38% surge in the price of the BNB token. Considering the monthly movement, the price of the BNB token rose by 39.57% in the month of August, while October opened at $387.5.

Advertisement

Considering the current prices, we have witnessed the price of the coin rise by more than 13% in the month of October. Higher prices are expected to follow as the word “Uptober” has made its appearance on social media.

BNB price analysis: Technical indicators remain bullish

The technical indicators provide accuracy to our BNB price analysis. In the 4-hour price chart below, it is clear that the price momentum is above the 50-day as well as the 100-day Moving Averages. This is a bullish indication as these Moving Averages will act as a strong support if price action turns bearish.

The price movement is situated in the upper end of the Bollinger Band. We might see the prices break out from the upper end if this continues, indicating a bullish scenario. Currently, the volumes are not so high to cause an outbreak from the upper end of the Bands.

Advertisement
BNB price analysis
BNB price analysis on the 4-hour chart by TradingView

Another bullish price action can be seen on the RSI as the line is still in the bullish region. The value is just below the 60-level and is slightly negative. This indicates that the buying pressure has increased to fight the selling pressure.

On the MACD indicator, the MACD line and the signal lines are converging, and a bullish crossover is possible. If we see a bullish crossover, we might see a price surge in the short term as the price action breaks the resistance at $446.

BNB price analysis: Binance Coin at $439 support, bears in control again? 1
BNB price analysis on the 4-hour chart by TradingView

BNB price analysis: Conclusion

BNB price analysis on the 4-hour chart currently shows that the technical indicators are still bullish, and if the buying pressure surges, we might see newer highs in the short term. Although, if you need a long-term perspective, you need to look into our long-term price predictions.

News Source

Advertisement

Binance

Binance Triggers Elrond Mania! EGLD Price to “Moon-Soon”!

Published

on

The global crypto space is moving vigorously by achieving a new ATH of a $2.67 trillion market cap. While Bitcoin and Ethereum are stealing the show with 3.70% and 9.75% gains in 24 hours, prominent altcoin Elrond came out of the box to compete with these star cryptos. 

Binance Exchange Launches EGLD Staking Pool!

Elrond price remained constant for some time now with no significant gains. The platform came up with an exciting announcement on Thursday launching the EGLD staking pool on the Binance exchange.  Besides, the exchange achieved a new milestone of 100 billion trades recently. The recent surge in its reputation gives the Elrond network the perfect blow in the near future. 

Advertisement

The combo is giving massive perks to the traders. EGLD staking will enable trades to earn commissions up to 55.49% annual per yield (APY) and share 100 EGLD rewards worth $19000.  

Traders can deposit and stake the token for 10, 30, 60, or 90 days to enjoy incredible annualized interest rates. The minimum locked staking limit is set for 0.2 EGLD. 

Other than this, the platform is keenly working on several projects to facilitate maximum benefits for the community. Recently, Elrond announced a collaboration with Woodstock fund The partner announced the huge investment on a project to build anon-custodial stakingservice. 

Advertisement

Elrond Price to “Moon-Soon”!

After a decent correction at $225 for the past week. The altcoin broke out at crucial resistance reaching the $250 mark at the press time with 6.01% profits in 24 hours. A closer look at the 1-day chart highlights that the altcoin has formed Ascending parallel channel. There is the likelihood that the altcoin is close to brake out since the pattern is approaching its convergence zone. 

As more buyers are jumping in, the asset has the potential to surpass the $283 resistance mark. Another tug war could take place between buyers and sellers near ATH. If its recent staking program attracts new users, green candles could dominate outpowering the red taking the price rally beyond $300. On the contrary, the Elrond price could settle down below $225 if it fails to hold the present resistance. 

Collectively, the rest of the quarter looks bright for the EGLD price action. Once Bitcoin’s dominance starts to depreciate well below 40, then Elrond could become the first altcoin to enter the splendid altseason. However, the asset is focusing more on fundamentals to dominate the fast-approaching technological revolution.

Advertisement

News Source

Continue Reading

Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

Published

on

Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

Advertisement

The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

Advertisement

News Source

Continue Reading

Binance

How Binance is protecting its users with responsible trading program

Published

on

The sad reality is that a lot of fake news, scam messages and other fraudulent and defamatory materials are circulating the web, making it difficult for investors to know what information is legitimate and who they can trust. While trading can be fun and exciting, it can also lead to emotional or financial stress, especially when many dishonest parties manipulate the market.

Although bad people will always exist, traders can exercise caution by leveraging the principles of responsible trading. Responsible trading requires investors to execute control over their trades, knowing when they are in a suitable position to take on risks and taking accountability for their actions. By acting as a responsible trader, investors never take risky positions without research or invest funds they cannot afford to lose. 

For this reason, Binance continues to focus on the ongoing development of their industry’s regulatory framework to help discourage bad actors from harming honest investors. Being a significant player in the cryptocurrency industry, Binance has also taken it upon itself to provide leadership to the market. 

Advertisement

Over the past year, this has involved the development of ongoing partnerships with law enforcement and security firms to help improve cybersecurity measures across the broader cryptocurrency industry. The exchange has also continued to ramp up its in-house anti-money laundering (AML) detection and analytics capabilities and taken several additional actions to prove its commitment to responsible trading. 

Although the topic might not be top of mind to some consumers, recent news would suggest these precautions are coming at a time more necessary than ever before. Binance continues to remain their resolve to bring to light these injustices and provide support however possible.

Why responsible trading matters

Some common examples of falsified information come down to bad actors pretending to be the exchange itself and sharing information that is untrue and can negatively impact a user’s account, such as using a fake link in an email to encourage users to provide their login information. 

Advertisement

Other common concerns center around pump and dump schemes. Bad actors with a big holding in a given cryptocurrency will spread false information to drive up the price; as prices increase, they encourage other traders to “buy before it’s too late.” This becomes harmful when new investors go all in and invest their life savings away, only to have the asset crash before their eyes.

Of course, a final example is apparent with Fancycat, the international organization of cybercriminals responsible for over $500 million worth of ransomware crime. Many of these criminals often looked to cryptocurrency exchanges to safely funnel their earnings without being caught by the authorities. 

Although very different examples, addressing these concerns comes down to one thing. Responsible trading.

Advertisement

A demonstration of commitment

To date, Binance has taken some additional steps to ensure responsible trading is maintained. Among them are:

  • Limiting new platform users (accounts opened in the last 60 days) to maximum leverage of 20x
  • Confirming plans to become a regulated financial institution, in addition to ensuring local licensing and compliance is maintained
  • Restricting access to derivatives products in the financial hub
  • Limiting new API key creation to verified accounts only to ensure safe and fair trading for market participants
  • Becoming the first and only cryptocurrency exchange to introduce a responsible trading program

Upon taking a closer look at the responsible trading program, three key focus areas are apparent. They are practicing self-discipline, continually educating themselves, and protecting traders’ assets. In practice, these procedures include:

  • Measures to limit impulsive trading actions, such as when a trader suffers a losing streak or loss, the platform will provide automated reminders of the risks involved in trading
  • Cooling-off features for users to temporarily disable derivative trading abilities if they would like additional support in exercising self-discipline
  • Price protection, a feature that prevents users from getting hurt by market manipulation by triggering stop-losses or take-profits when bad actors are manipulating the system

The team hopes that by sharing their learnings and any proactive measures they take, they can help steer their industry forward, now and long into the future.

News Source

Advertisement
Continue Reading