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- Binace completed the sixth round of BNB tokens, for a total of about 1.6 million.
- The BNB / USDT bulls are repeating the test on a formation of violated ascending channels.
BNB / USDT remains stable for now, with a 4% gain on Wednesday. Caution can be observed following a break down by increased channel formation. The price has moved within this structure for about 15 yearsth December, when the bulls started the most recent upward trend. BNB / USDT had gained up to 51% while within the confines of this. However, all good runs must end and 10th In January, the lowest trend line gave way to market bears.
Daily BNB / USDT chart.
In terms of price behavior after the break, as described above, there is a lack of commitment seen. The bulls were repeatedly tested and moved under the channel, but they did not have the time to break over at this time.
Binance Complete 6th BNB Token Burn
The largest exchange of cryptocurrencies in the world by volume traded, Binance, has announced that it has completed the sixth burnt of chips. Binance burned a reported total of 1,623,818 BNB tokens. This detailed consumption was for the period between October 1 and December 31, 2018. For comparison purposes, the number is similar to the BNB of 1,643,986 who previously burned in the fifth round.
Despite the similar number of BNBs being burned, it is worth considering that the last quarter of 2018 had "He has brought significant changes in the panorama of cryptocurrencies". In monetary terms, the dollar value during the sixth burn BNB was around $ 9.4 million, compared to $ 17 million in the previous period.
CZ, founder and CEO of Binance, said: "I am thrilled that Binance Chain and Binance DEX will be launched soon. From a technological point of view, it is an important development for the Binance ecosystem. From a profit standpoint, Binance DEX will not directly increase Binance's profitability, but it will certainly increase the utility of BNB in style. This should be good for BNB holders. Binance is also a great BNB owner, so we benefit in the same way from all BNB holders. The more people use Binance Chain, the more value is created or the more successful we all become. "
Technical review – BNB / USDT
BNB / USDT must break above the $ 6.40 area to attract another wave of purchases. This is where the lower support trend line of the channel violated in the tracking. Separately, a supply zone is seen in close proximity, tracking from $ 6.20 to $ 6.90. The price has not been higher than this region since 19th November. If the bulls accumulate enough momentum to overcome this reserve, then a quick move could be brought back to $ 10.00. BNB / USDT had consolidated here before the sharp decline in November.
Looking down, there is a lot in terms of the main support seen up to the $ 4.00 price region. This is where you can see the December low, $ 4.12, with an observed demand zone ranging from $ 4.55 to $ 4.12.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
