Binance’s Fundamentals Positive, BNB Posts 6% Gain as Reaction

Dalmas Ngetich

Last Updated: June 11, 2024 3:49 pm

2 mins read

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Binance coin (BNB) stable, adds 5.2 percent
BXB Inc likely to partner with Binance in South Korea

After offering margin trading for their broad customer base, Binance is considering launching yet another exchange in South Korea. Meanwhile, BNB prices are stable, up 5.2 percent in 24 hours.

Binance Coin (BNB) Price analysis

Fundamentals

According to reports, Binance has their eyes set on South Korea. The headquarters of Samsung is cryptocurrency receptive. Therefore, no doubt, if the latest news is anything to go by, then it would be massive for Binance.

Encouragingly, all indicators point to a possible launch in weeks or even months ahead. Reports in South Korea show that the exchange will execute their operations through a limited company, Binance LLC.

To efficiently carry out their duties and meet customer demands, Binance will partner with a Korean Won stablecoin issuer in BXB Inc. Besides, and adding weight behind Binance’s expansion drive, they are advertising for the position of a Compliance Officer.

Positive as it is, Binance, it appears, are preparing for the exit of US clients by offering attractive features. Timely, the rollout of Margin Trading will change the minds of those looking to shift camps. In a post, Changpeng Zhao said:

“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades.”

Candlestick Arrangement

Like the rest of the market, bears are marauding. Though sellers are slowing down, thanks to yesterday’s bull candlestick and a double bar bull reversal pattern from $25, bulls are evidently at an exhaustion point.

However, considering fundamental factors, there is room for buyers to step up in days ahead. Analyzing the BNB/USD pair in the weekly chart reveals the resilience of buyers. With firm support at the $25-$30 zones as well as resistance at $43 or June high, BNB is mainly in range mode.

The short-to-medium term reaction, therefore, directly depends on how prices react at $25 and $43.

If buyers step up, shaking off sell pressure of the last few days, BNB may soar to $70 in line with previous BNB/USD trade plan. Conversely, losses below $25 could spark panic sells as bears set their eyes on $20.

Technical Indicators

Presently, the week ending May 26 bull candlestick leads this trade plan. Accompanying trading volumes are decent at 29 million. As such, any surge or drop below these limits must be with high participation surpassing 29 million.

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.