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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Binance’s Commitment Likely to Prop Bulls Aiming at $70

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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  • BNB in an uptrend, add 7.9 percent
  • Changpeng Zhao’s determination is the driving force behind Binance

Behind Binance Coin is a never-yielding team, keen on developing the ecosystem. With the leadership of Changpeng Zhao, Binance has its mainnet, is the world’s largest by adjusted volumes and most importantly, transparent. At the time of writing, BNB is up 7.9 percent in the last week and stable in the past 24 hours.

Binance Coin Price Analysis

Fundamentals

True, Binance suffered a hack. However, that is not to say the exchange is porous. According to Changpeng Zhao, the CEO of the world’s largest exchange by adjusted volumes, funds are SAFU. Compared to how other exchanges reacted at the back of reputation-damaging heists, the community, in general, was impressed by the level of transparency.

Although Zhao proposed an impossible “roll-back,” it revealed how committed the ramp is towards the development and improvement of the crypto ecosystem. After all, it is popular, with a base in Malta and out of reach from most regulators.

That’s judging on how they responded to the New York Attorney General request for comment early this year. Nonetheless, what is exciting from a trading and investment point of view is how Binance Coin (BNB) is rallying and cementing its position in the top-10.

Driven by fundamental factors such as extra liquidity and Binance chain mainnet, prices are up more than five folds after bottoming up from $5.

Candlestick Arrangement

Binance Coin BNB

Up 7.9 percent from last week’s close, BNB is trading within a bullish breakout pattern. From a top-down approach, BNB is trading above 2018 highs after bottoming up from the 78.6 percent Fibonacci retracement level of 2018 trade range.

Conspicuous in this rally is the level of participation that propelled BNB prices above $26. As it is, the week ending May 19th had high volumes exceeding recent averages. That, from breakout rules, is a mark of bulls and accompanying this move higher is bull bars banding along the upper BB revealing participation.

A simple Fibonacci extension tool within May trade range shows that the 161.8 percent level is at the $43 mark. That is where bulls have their sights on. If buyers are successful, then the second bull target will be the $70 mark.

Technical Indicator

Confirming our bullish bias is week ending May 19th bull bar as aforementioned. Participation is high at 25 million versus 16 million, and is wide-ranging. With increasing volumes, every retracement is a buying opportunity with a target at $43.

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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Reason to trust

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