Binance Coin (BNB) Fate Rests On $25, Will Prices Drop To $20 Or Rally To $70?
Today’s Binance (BNB) News
Not only is it becoming increasingly clear that Binance is not afraid to trail blaze and set precedence for other exchanges to follow, their forays, shaking off the US attempts-trying to disrupt their business operations, isn’t slowing them.
Latest news is that Binance is ready to set up shop in South Korea and although this is yet to the confirmed as details are sketchy, there are indications that indeed Changpeng Zhao is setting its eye on the cryptocurrency receptive country.
By announcing the position of a Compliance Officer, that according to the advertisement’s job description, the ideal candidate must exhibit “good knowledge on provisions of local laws, directives, regulations and otherwise standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies is a strong plus”, indicators is that the world’s largest exchange by trading volumes may strike a deal with a local partner, BXB Inc.
The latter is an issuer of a Korean Won backed stablecoin. Should that be the case and Binance opens up a branch in South Korea, it is likely that this stablecoin may be supported, increasing the number of stablecoins on offer while simultaneously turning the heat up on USDT, the largest stablecoin by market capitalization.
While at it, Binance is heeding their customers’ requests. Recently, CZ announced that Binance will offer margin trading where by traders can leverage their funds by up-to 3X.
In a statement the exchange’s CEO said:
“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades.”
BNB/USD Price Analysis
1 BNB/USD =$535.0708 change ~ 14.94%
At the time of press, BNB is steady, adding 9.7 percent in the last day. However, from a top down approach, sellers have the upper hand. To quantify, BNB prices are down 10.9 percent week to date. This is evident in the BNB/USD price chart.
There, not only are bulls at an exhaustion point but lower lows of the last few days, despite temporary support at $25, could see the coin tumble to $17 and even $5 as BNB corrects.
However, while this is a remote possibility, considering how the exchange has grown in recent months and their plans of even offering more exciting features for their clients, dips may be temporary and another chance to reload.
Thus far, the short-to-medium term price trajectory all depends on how prices react at $25 and the middle Bollinger Band (BB). If there is a breach of $25 at the back of high trading volumes exceeding 18 million of week ending June 30, every retracement will technically be a loading opportunity.
On the reverse side, a spike lifting prices above June 2019 high with equally high participation will be the spring board for $70 or higher in coming weeks.
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your due diligence.