Binance Coin Price Analysis: Exchange Launching a GBP Stablecoin, Will BNB Soar To $70 In Response?
Today’s Binance Coin (BNB) News
If anything, Changpeng Zhao is know for his expressiveness. His desire is over and above everything else to see his exchange flourish. Launched at the height of the ICO mania of Q4 2017, Binance has evolved, slowly learning the ropes and is now one of the most trustworthy and liquid crypto exchange in the world.
From its ramps, the Malta-based exchange is gradually cementing its position. It may not be compliant with US SEC rules, rebuffing summons or any other form of inquiries but that isn’t a deterrence for traders. The major attraction around Binance is the number of coins on offer, the investment opportunity presented by Binance Coin (BNB) and their lottery system allowing investors to take part in investments via their Launch Pad.
Criticism is there, just like any other business, but Binance always has a way of clarifying them to their followers. Vitalik is at the moment worried, saying the exchange wields too much power and their decision to de-list Bitcoin SV because of Craig Wright’s assertion that he his Satoshi was, well, uncalled for.
Dominating headlines now is their planned listing of a stablecoin. Commentators argue that the coin will rival Tether (USDT), which on its own is plagued by scandals. Wei Zhou, the Chief Financial Officer at Binance said:
“Our business decisions are made with our users in mind. The goal for issuing a GBP stablecoin is to provide users with more options and more choice; to diversify the stablecoin assets for the ecosystem. BGBP will be issued on the Binance Chain, which offers an easy and fast way to tokenize.”
BNB/USD Price Analysis
1 BNB/USD =$653.5583 change ~ -0.59%
Fundamental factors alone mean buyers have an upper hand. From previous BNB/USD trade plans, our assertion was that bulls were in control and in days ahead, the path of least resistance would be up. Now that BNB is printing higher highs, resilient against sellers and still perched at the top 10, every low should be a buying opportunity.
Presently, the first level of support is at $30. It is from where a double bar bull reversal pattern printed at the back of increasing trading volumes on June 4th and 5th. Although sellers could press lower now that there was a breakout below the 20-day MA, the uptick in trade volumes from $30 is bullish.
In line with our last forecast, it is imperative that conservative traders wait for close above $38 or May 26th high, then BNB could march to $43 or higher in coming weeks.
Conversely, if bears of May 26th flow back—as they are in control from an effort versus result point of view, BNB could tumble to $25 then later to $17 in a much-needed correction.
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.