It’s Invest Diva’s Kiana Danial https://www.investdiva.com/ with News BTC and I must say, I’m pretty impressed with Binance’s new facial verification process when issuing you a new password. This, together with the fact the Binance Coin, BNB was among a few tokens in the green on Tuesday, got me to overview the BNB token from a fundamental and technical point. Fundamentals first. Besides their new and improved verification process which will likely increase the security level of their exchange and online wallet, Binance is reportedly close to launching their DEX platform on their brand new blockchain. By creating their own blockchain platform, Binance will migrate its digital asset Binance Coin (BNB) from the Ethereum network to its proprietary blockchain – Binance Chain. The blockchain will then support its upcoming decentralized exchange, Binance DEX. Many crypto enthusiasts believe decentralized exchanges are the future for the industry, so this move by Binance may put them ahead of the curve once the new, revived bullish momentum attacks the markets.
Some of the features of the new Binance DEX will include support of ICO launches, send and receive tokens, freezing and unfreezing digital assets, and the permission for community members to propose new trading pairs.
Now let’s take a look at BNB’s price action While the Binance DEX news created a bullish wave in the token last week, things aren’t yet looking so bright for the BNB/BTC pair. Even Tuesday’s 3.3% gain wasn’t able to help the pair break above the daily Ichimoku cloud or the 50% Fibonacci retracement level at 0.0014. On the bright side, the pair hasn’t dropped to the key support of 0.0011 either. With any luck, it may have bottomed out at November lows of 0.0012. If the pair isn’t able to break above the cloud, we could see another test of 0.0012 and even the 9-month low of 0.0011 before the DEX is released and the bullish momentum is back. Now I’d like to hear from you. Do you use Binance exchange? If you do, what do you hate or love about it? Do you think it’s wise to invest in the BNB token while there are so many other options out there to consider? Let me know in the comments, and subscribe for more updates!