Binance Coin (BNB) Surges 16.1%, Fantom Foundation’s FTM Free Listing Pumping Price
Today’s Binance Coin (BNB) News
It’s like the crypto world is waiting for a readjustment, a fix. A paradigm shift could be on the cards as more tech companies foray into the space. Leading the line is, well, Facebook. Wielding an extensive user base of more than two billion people, spread across the globe, nothing can be discounted. It is sending jitters across several startups. Whether their game plan is to eventually bull doze their way and be an intermediator, we don’t know.
However, what is apparent is that the sphere is growing with bumps here and there but that’s about it. The acceleration speed of Binance coin depends on progress made by Changpeng Zhao and team. Progressive-and even accommodating as the exchange is, work must be done to safeguard their turf.
If crypto becomes mainstream, analysts argue, then Wall Street corporations-sensing opportunity, could as well enter and launch their exchange. Alternatively, they can go in an acquisition spree, propose huge takeover fees despite Changpeng Zhao reluctance.
— Fantom Foundation (@FantomFDN) June 10, 2019
Meanwhile, their recent free listing of Fantom Foundation’s FTM allowing for a smooth transitioning from Binance DEX to the centralized exchange is a huge boost for the token. Benefiting from exposure, extra liquidity and media attention, FTM surged 25 percent, hours after the announcement.
With the extra liquidity, FTM supporters and traders can now trade against several stablecoins and coins including BNB, BTC and ETH. If anything, it is setting precedence, possibly opening doors for assets trading on the DEX to list on Binance, free of charge.
Already, several projects migrated to the Binance chain after mainnet launch. One of those projects was Harmony.
BNB/USD Price Analysis
1 BNB/USD =$287.6121 change ~ -5.02%
Presently, Binance Coin (BNB) bulls are vibrant. Trailing Litecoin (LTC), BNB is up 6.7 percent and 16.1 percent in the last day and week respectively. Changing hands at $33, there is extra room for upsides. Note that-and as laid out in previous BNB/USD trade plans, the coin is trading within a bullish breakout pattern after clearing April high.
Recent correction did complete the retest to $29-$32 support-previous resistance zone-and now yesterday’s surges did lay the foundation for higher highs. However, a standout in all this is the level of participation.
Confirming the double bar bull reversal pattern of June 4th and 5th is an uptick of volumes, absorbing bear attempts of June 9th as BNB bulls take charge towards $42. The level is the next target and possibly the impetus that will see the coin surge to $70, as prices double from spot rates.
As a result, aggressive traders can buy the dips in smaller time frames with stop limits at June 10th lows. On the other hand, it is until prices race past $40 or May high that conservative traders would tune entries while aiming for $70 as aforementioned.
All of Today's Binance Coin (BNB) Price Analysis, Chart Forecasts and Industry News
Chart courtesy of Trading View—Binance
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.