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- Binance has released another preview of his next DEX.
- The BNB token will migrate from Ethereum to its unique blockchain at DEX startup.
- Support in progress: $ 4.60, $ 4.19, $ 4.00, $ 3.76, $ 3.58, $ 3.24, $ 3.00.
- Forward Resistance: $ 5.00, $ 5.52, $ 5.90, $ 6.37, $ 6.57, $ 7.00, $ 7.75, $ 8.73.
Latest Binance news
The Binance team has recently provided a further study of their upcoming decentralized exchange (DEX), scheduled for launch at the start of 2019.
The team already has made evident that BNB will switch from the ERC-20 token status on the Ethereum blockchain to its proprietary blockchain that will be called Binance Chain.
The transition from Ethereum to its blockchain will allow, according to Binance, to millions of entrepreneurs and developers to issue tokens on the brand new blockchain.
A DEX it is different from a traditional exchange in the sense that it runs entirely on the blockchain, without the need for a central party to keep the funds. This means that users will retain full control of their private keys and subsequently their coins within their own devices.
This is a crucial step to make the whole industry a safer and safer environment as centralized exchanges are more prone to hacking attempts and regulatory setbacks.
When DEX is launched on the Binance Chain, it will be able to boast instant transactions – the blocking time will be 1 second and a confirmation on the Binance chain will be final.
This is a great feature as it will allow users to send funds instantly to one another without having to wait for the long confirmations required on competing blockchains. This allows a more fluid exchange or exchange process.
In other news from Binance, the company has announced that they are adding a feature that will allow it institutional investors to create sub-accounts on the cance of Binance. They have also increased the use case for the BNB token in which they can now be used secure hotel reservations on the Tripio platform.
We continue to take a look at the Binance market and highlight any important areas of support and resistance that go on.
Price analysis of Binance coins
BNB / USD saw a positive price increase of 9.44% from the previous 24-hour trading session as the market is currently battling around the $ 5 handle at the time of writing.
BNB / USD has seen a 17.91% price fall in the last 7 trading days after a further sharp and sharp fall in price of 46% over the last 30 trading days.
The 17-month project is now ranked 13th as it currently maintains a total market capitalization of $ 660 million.
Analyzing the BNB market from the short term perspective above, we can see that the market blood bath during the month of November had found support at a long downtrend 1.618 Fibonacci (drawn in blue) at the price of $ 4.60 towards the end of the month.
With the start of the December trade, the market has momentarily fallen to the long-term level .886 Fibonacci Retracement (drawn in black) priced at $ 4.19 before the rebound.
The price action is now trading above the 7 day EMA while the market is struggling to surpass the $ 5.00 handle.
Trend: neutral
Although the general long-term trend is still extremely bearish, the market has found some relief around the $ 4.60 support.
If the price action falls lower and breaks below $ 4.19, we can consider the market continue in its bearish share, but for now BNB / USD has found some comfort in the side trading.
For us able to consider an uptrend, we would need to see the price action break above the $ 6.57 handle and continue to climb higher.
Where is the support located below the market?
If salespeople are pushing for lower price pressure, we can expect immediate support to be found at the aforementioned handle support of $ 4.60 and $ 4.19.
If the downward momentum causes a penetration of BNB / USD below $ 4.00, we can expect further support below the long-term level of 1.618 Fibonacci Extension (drawn in red) for $ 3.76.
Further support below $ 3.76 can therefore be expected to short-term downward 1,227 and 1,414 Fibonacci extension levels (traced in purple), priced at $ 3.58 and $ 3.24.
Where will the BNB / USD market meet resistance to the high?
If the price action can rise above the $ 5.00 handle and continue higher, we can expect an immediate upward resistance to be localized on the short-term downside .236 Fibonacci Retracement level (drawn in orange) priced at $ 5.52, followed by the previous disadvantage 1.414 Fibonacci Extension Level (drawn in blue) for $ 5.90.
A further significant resistance above the $ 6 handle can be localized in the long term .786 Fibonacci retracement level (traced in black) at a price of $ 6.57, followed by the retracement levels at short-term Fibonacci bearish (0.5) and drawn in orange), priced at $ 7.06 and $ 7.75 respectively.
What do the technical indicators show?
The RSI is rising as it continues to approach the handle 50 once again. This indicates that the sellers have exhausted the market.
If the RSI can continue above the 50 limit, we can expect BNB / USD to continue to recover some of the recent losses recorded in the last 30 trading days.
Conclusion
The transfer of BNB from the ERC-20 network to its blockchain can be considered positive for the company, while continuing along its roadmap to provide the best trading solutions for cryptocurrency investors.
The BNB market seems to show the signs that it is in the middle of an inversion. However, we must await confirmation that the trend is indeed bullish before we anticipate ourselves. This will require a net break and will close above the $ 6.57 handle.
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