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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

BNB is Fragile Despite Binance Listing Dogecoin and USDT Address Shift

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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  • Binance Coin (BNB) down 4.5 percent
  • Dogecoin listed at Binance, shift USDT addresses compliant with ERC-20 standards

Drawing attention, Binance listing of DOGE is bullish. The altcoin has the support of John McAfee as well as Elon Musk. For Binance clients, USDT addresses are now ERC-20 compliant following the shift on July 4. Meanwhile, BNB prices are flat above $30.

Binance Coin Price Analysis

Fundamentals

The crypto ecosystem is evolving, and so are crucial appendages that make cryptocurrency a thriving industry. Top of the list is Binance. Irrefutably the world’s largest exchange by adjusted trading volumes, the ramp is not short of controversies.

Even so, it is crucial for the general well being of the space. A top liquidity provider and improving, it plans to introduce margin trading to take on BitMex. Although it is attractive as traders can borrow to speculate on asset prices, it is equally dangerous. Margin calls are prevalent.

Presently, the general buzz is their unexpected listing of Dogecoin. Supported by industry leaders including Elon Musk and the controversial but vocal Bitcoin bull, John McAfee, the listing of DOGE at Binance is the end of “discrimination.”

For a project that began as a joke, the listing is a liquidity boost and an endorsement of what their founder, John Palmer, has been doing. International traders at Binance will now have more options. DOGE will trade against BNB, BTC and three other stable coins including PAX and USDT.

Then again, Binance Chain plans to upgrade their mainnet on July 15. Aside from that Binance shifted their USDT addresses from Omni to ERC-20 in a 30 minutes downtime on July 4.

Candlestick Arrangement

Binance Coin BNB

At the time of writing, BNB prices are all over the place. By printing dojis above the main support line at $30, there is an apparent weakness. On top of that, the lack of a definitive trend direction after a solid first half of 2019 is revealing of fractures.

Nonetheless, despite fragilities, the path of least resistance is northwards. However, that is mainly dependent on whether prices will oscillate above $30 or even print above June 2019 highs at the back of increasing participation.

From previous BNB/USD trade plans, any upswing above $43 could see BNB more than double to $75 in the next few months. Conversely, liquidation below $30 with a differentiating breakout candlestick buoyed by ultra-high trading volumes could mean disintegration to $25 or lower.

Technical Indicators

In light of the above, June 14 bear candlestick is leading. Any break above $43 or $30 must be with high trading volumes above 4.9 million. Depending on the breakout direction, such a distinctive bar will define the short to medium term price trajectory.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Dalmas Ngetich
Dalmas Ngetich

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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