Binance Coin (BNB) Grows 8.5% after Decentralized Exchange Demo Video Release

Binance Coin

Binance Coin on Wednesday surged as high as 8.5 percent against the US Dollar after the company released a demo video of its decentralized exchange.

The BNB/USD is now trading at 6.33-fiat, down 1.89% from its intraday high at 6.45-fiat. The pair is moving inside a rising wedge channel, a price wave reversal pattern. As it heads to a completion – signified by depleting volume and price bouncing inside the wedge range – BNB/USD is likely to break out of the said channel to the downside. Considering a short trade when the price breaks down the wedge support and try exiting long positions to minimize potential losses. At the same time, consider putting a stop loss order just above the most recent high as you enter a short trade.

Binance Coin (BNB) Grows 8.5% after Decentralized Exchange Demo Video Release 1
BNB/USD 1H CHART | SOURCE: BINANCE, TRADINGVIEW.COM

Other indicators are also pointing to a potential downside action. On the 1H chart, the 50-period moving average has a lead over the 200-period moving average. At the same time, the RSI momentum indicator is consolidating while staying inside a correction from the overbought area. The Stochastic Oscillator, meanwhile, has just overreached its upside target and should follow a remedial course in the next few hours to the downside.

As a correction takes place, the BNB/USD is likely to find support at 50-period SMA. An extended bearish action would allow the pair to complete a head and shoulder pattern while eyeing 5.47-fiat as the interim neckline.

DEX Demo Revealed

Binance has just released the video demo of its decentralized exchange, dubbed Binance DEX. The recording also includes a brief sneak-peak into Binance Chain which, according to the project developers, would offer “low latency, high throughput trading, as well as decentralized custody of funds.”

The combined prowess of a DEX and a public blockchain allows BNB holders to speculate on a bright future of the Binance platform. Binance Chain, in particular, expects to function like Ethereum blockchain, which would enable projects to issue their company tokens on the main chain. Overall, the development leads to a binance-based ICO market of its own.

As for DEX, the platform looks and functions almost similar to what Binance offers in its centralized version of trading. Except, it allows users to generate a 24-word mnemonic seed phrase for private keys, a “balance tab” to update users about their account status, and a “user icon” that shows individual wallet addresses.

Binance is looking to release the DEX platform earlier next year.

Featured Image from Shutterstock. Charts from TradingView.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.

Advertisement


About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 63,086.00
ethereum
Ethereum (ETH) $ 4,186.02
binance-coin
Binance Coin (BNB) $ 489.05
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.17
solana
Solana (SOL) $ 210.49
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 44.22
dogecoin
Dogecoin (DOGE) $ 0.274118
usd-coin
USD Coin (USDC) $ 1.01
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 63,086.00
ethereumEthereum (ETH)
$ 4,186.02
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 625.58
litecoinLitecoin (LTC)
$ 196.54
bitcoinBitcoin (BTC)
54.165,89
ethereumEthereum (ETH)
3.594,13
tetherTether (USDT)
0,867190
bitcoin-cashBitcoin Cash (BCH)
537,13
litecoinLitecoin (LTC)
168,75
bitcoinBitcoin (BTC)
45,847.37
ethereumEthereum (ETH)
3,042.16
tetherTether (USDT)
0.734011
bitcoin-cashBitcoin Cash (BCH)
454.64
litecoinLitecoin (LTC)
142.83

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin63,006 0.86 % 3.10 % 2.31 %
Ethereum4,178.2 0.51 % 1.40 % 8.40 %
Binance Coin486.32 0.15 % 0.61 % 3.34 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.160 0.49 % 0.50 % 0.21 %
Solana209.59 0.38 % 7.37 % 31.11 %
XRP1.100 0.06 % 1.17 % 0.63 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2720 0.22 % 8.73 % 14.31 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 63,086.00
ethereum
Ethereum (ETH) $ 4,186.02
binance-coin
Binance Coin (BNB) $ 489.05
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.17
solana
Solana (SOL) $ 210.49
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 44.22
dogecoin
Dogecoin (DOGE) $ 0.274118
usd-coin
USD Coin (USDC) $ 1.01