technical analysis altcoins

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

Avatar Dalmas Ngetich 5 months ago
  • 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

Binance Coin BNB

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

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