Binance Coin (BNB) Prices Are Flat, Is Changpeng “Killing” ETH?

Dalmas Ngetich

1 year ago

2 mins read

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Binance Coin (BNB) flat-lining, down 3.1 percent
Ethereum being sidelined, Binance delisting and shunning ETH trading pairs

By rebranding and delisting PHX/ETH trading pairs, observers say Binance is deliberately sidelining Ethereum projects. Understandably, Binance following their mainnet launch is a competitor. At the time of writing, BNB is down 3.1 percent.

Binance Coin Price Analysis

Fundamentals

Competition forces innovation. Following governments and regulator involvement, ICOs as a fundraising model was slowed down. With stringent requirements and outright bans in several countries, including in China and South Korea, project managers were forced to shelve their plans or exclude investors in their crowdfunding.

Finding a gap, Binance launched its crowdfunding platform, the Binance Launchpad. Through this fundraising model, many analysts reckon that the exchange is the ultimate “Ethereum killer.”

The reason is because of the exchange’s decision not to list several tokens against ETH and in some cases entice projects away from Ethereum platform. Their plan of Binance Chain could be a reason.

However, their decision of not listing trading pairs against ETH is a cause of concern and even foul play. The rebranding of Red Pulse Phoenix Binance (PHB) and listing of new trading pairs was a signal:

“Additionally, Binance will open trading for PHB/BNB, PHB/BTC, PHB/USDC, PHB/TUSD, and PHB/PAX trading pairs at 2019/05/24 04:00 (UTC). Once trading opens, the previous PHX/BNB, PHX/BTC, and PHX/ETH trading pairs will be removed and delisted.”

Meanwhile, Binance will open a new branch in Singapore, enabling trading of fiat pairs. An upgrade from the one trading pair it previously supported, Binance Singapore now supports Litecoin, Bitcoin and Ethereum against Singaporean Dollar. Besides, Singapore Fast and Secure Transfers system will enable fast deposit and withdrawal.

Candlestick Arrangement

Although Binance is expanding, BNB is under pressure. Technically bullish, BNB is down 3.1 percent in the last day, printing dojis at $30. Even though bulls have a chance, depending on the performance of Bitcoin and other liquid assets, BNB may slide.

In that case, a needed retracement to $25 or lower could be on the cards. Note that BNB is one of the top performers in the first half of the year. Posting near perpendicular ascension, it is likely that there is exhaustion.

However, if buyers flow back, then any breach and close above $43 could see BNB rally to $70. Cementing buyers, the breakout candlestick ought to be with high trading volumes exceeding 4.9 million of June 14.

Technical Indicators

Aforementioned, June 14 bear candlestick leads this trade plan. Marking buyers, the rally past $43 ought to be with high participation above 4.9 million. On the other hand, losses below $30, signaling cooling prices should be with equally high trading volumes.

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.