Binance Coin [BNB] bulls retreat, faces stiff resistance at $9.6
Binance Coin [BNB] has witnessed a bullish outbreak this year. The cryptocurrency’s monthly gains stand around 50%. The coin was trading at $6.9 at the beginning of the year. Currently, the crypto asset is trading around $9. This implies that there is a positive investor sentiment for the coin in the crypto market.
BNB exhibited a steep rise at the beginning of the day. The cryptocurrency rose by 3% after finding support at $8.91. The digital asset broke out from resistance at $9.39, however, the onset of a bearish momentum has caused the crypto to fall back to trading around $9.3. The crypto faced hard resistance at $9.6 and entered consolidation.
The MACD levels for the crypto is indicating that it is trading above the bullish trendline. The hourly RSI shows that the crypto was overbought at the beginning of the day. The 100 EMA line traced at $9.15 is exhibiting an uptrend for the coin. At the time of writing, the virtual asset is trading at $9.35 and is rising against USD by 7.09%.
The crypto asset is rising against Bitcoin [BTC] by 6.31%. Currently, one BNB is equivalent to around 0.0025 BTC.
Binance Latest Updates
- Binance Chain testnet will be launched on February 20, tweeted Changpeng Zhao, Binance CEO. Binance Chain, the native blockchain of Binance, will enable developers to build their blockchain projects. Binance Chain will focus on performance, ease-of-use, and liquidity. The Binance Coin [BNB], the Binance token will migrate to the blockchain mainnet becoming a native token.
- Binance recently enabled credit card payments for cryptocurrencies. The move is to drive widespread adoption of cryptocurrencies.
- Binance launched BitTorrent token [BTT], a TRC 20 token. BitTorrent, a peer to peer file sharing platform, is built on a blockchain to allow faster downloads of files.
- Binance has launched crypto to crypto over the counter [OTC] trading desk. According to the exchange’s blog, the OTC trading desk will allow the exchange’s customers to trade larger amounts of cryptocurrencies listed on the exchange.
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