Binance Coin (BNB) Bull Party May be Over, Flimsy Above $30

Dalmas Ngetich

1 year ago

2 mins read

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Binance Coin (BNB) under pressure, down 4.2 percent
Changpeng Zhao calls for caution

After suffering an “expensive hack,” Changpeng Zhao considers exchange security as inviolable. Already fixed, Firefox could turned out to be a weak link from where hackers would have exploited Coinbase, causing loss of funds. At the time of writing, BNB is down 4.2 percent in 24 hours.

Binance Coin Price Analysis

Fundamentals

Tagging full control and ownership, which is only possible in blockchain, is responsibility. It is because of this sole reason that Changpeng Zhao, the CEO of Binance, is urging users to upgrade to the latest version of Firefox Web browser or boycott it altogether. Through the web browser, attackers were able to target Coinbase employees putting at risk the exchange’s funds.

Reassuring clients, Coinbase’s security lead, Philip Martin said:

“We’ve seen no evidence of exploitation targeting customers. We were not the only crypto org targeted in this campaign. We are working to notify other orgs we believe were also targeted. We’re also releasing a set of IOCs that orgs can use to evaluate their potential exposure.”

Although there are no reports of loss, it is still likely that these attackers had a free pass to Coinbase systems. Cybersecurity experts estimate that these malicious hackers did monitor their system for at least two weeks.

Whether the individual or the group made away with troves of data is also not confirmed. Nonetheless, the advice for caution from an industry leader shouldn’t be taken lightly. That is despite account holders implementing extra security for their treasured digital assets. Firefox has since patched the loophole.

Candlestick Arrangement

Price wise, BNB is under pressure. Fluctuating within wide ranges below $43, BNB is susceptible. While BTC profit taking could, in a way boost the coin’s demand, external factors like the blocking of US investors is a major stumbling block for bulls.

Therefore, in line with previous BNB/USD trade plans, patience is paramount. Fundamentals are weak.

If prices sink below $30 confirming the losses from June 2nd, odds are sellers will have a window to wipe 2019 gains. In that case, participation will mark their entry, triggering liquidation as bears aim at $25 and later $11.

Technical Indicator

Following a bear divergence, June 14 bear candlestick reference this trade plan. At spot rates, the bar is distinct thanks to its level of participation. Any loss below $30 as aforementioned ought to register a spike in trading volumes preferably exceeding 4.9 million. Conversely, gains above $43 or June high must be with similar buy pressure opening a window for $70 or better.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.