March 5, 2019

Binance Coin (BNBUSD) Technical Analysis: More Buyers Waiting for Correction

Binance Coin continues to trend higher as it busted through a key resistance level on its move to the $14 levels. This appears to be holding as resistance, though, a correction might be needed to draw more buying energy.

Applying the Fibonacci retracement tool shows that the 61.8% level lines up with a short-term ascending trend line and the area of interest. In addition, this coincides with the 100 SMA dynamic inflection point, which is above the longer-term 200 SMA to show that the path of least resistance is to the upside.

In other words, the uptrend is more likely to gain traction than to reverse. The gap between the moving averages is widening to reflect strengthening bullish momentum as well.

However, RSI is moving south to signal that sellers have the upper hand for now and could keep pushing prices down. The 200 SMA might also hold as near-term dynamic support in a larger drop. Stochastic is also heading south so price could follow suit while bears are in control. Both oscillators are on middle ground and have space to fall before hitting the oversold region.

Binance Coin has overtaken Stellar in cryptocurrency rankings by market cap, which suggests that it could have more investor interest sustaining its bullish momentum. Developments on its launch platform and successful token sales, such as that of BTT earlier on, have caught traders’ attention for this particular digital asset and platform.

BNB has recently hit an all-time high against bitcoin on its positive run, at 0.0036626 BTC. Just recently, Binance CEO CZ announced incentives for users to hold more BNB such as increment in referral bonuses. There is also a lot of anticipation for the launch of he Binance DEX testnet and a simulated trading competition that promises $100,000 in prizes and starts this week.

cryptocrimson.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.

source: https://cryptocrimson.com/binance-coin-bnbusd-technical-analysis-more-buyers-waiting-for-correction/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

Published at Wed, 06 Mar 2019 03:02:32 +0000

You might be interested in …

February 6, 2019

Custom Coin revoluciona el sector de la construcción

Custom Coin revoluciona el sector de la construcción Introducción breve a Custom Coin y la plataforma descentralizada Custom Coin ofrece un ecosistema descentralizado de interacción laboral. Una plataforma cuya médula espilan se encuentra en la […]

April 10, 2017

Re: [AUCTION] Casascius Aluminum 6-coin set – all colors!!!

Re: [AUCTION] Casascius Aluminum 6-coin set – all colors!!! Casascius Aluminum Colored 6-coin set STARTING BID: 0.00BTCMINIMUM BID INCREMENT: 0.001BTCEND TIME: APRIL 11th, 2017, 18:00 PDTSNIPE: Any bid made in last 15 minutes will extend […]

July 2, 2017

Tim Draper Uncapped Tezos ICO Raises $109M In 15 Hours

Tim Draper-backed Tezos’ ICO has already netted over $100 million in contributions during the first day of its 12-day uncapped campaign.

Tezos: $109 Million With 11 Days To Go

Having launched slightly ahead of schedule July 1, the token sale had received 31,224 BTC and 129,468 ETH as of press time Sunday.

The delayed release of the latest ERC20 token, dubbed Tezzies (TEZ), was keenly awaited by investors following Tim Draper’s announcement he supported Tezos’ concept.

The sale was due to commence in mid-May, but at the last minute organizers announced it would take place in June, with sales finally beginning Saturday.

The sale will now run until June 12 and is uncapped, something developers have defended as necessary “to ensure that participation is not limited only to insiders or the ‘fast-fingered.’”

“The Tezos development team believes that an un-capped fundraiser will promote a widespread distribution of the tokens, a necessary prerequisite to launching a robust network,” they continue in an overview of their so-called “self-amending cryptographic ledger.”

What’s In A Name, Tim?

It is uncertain to what extent Draper will ultimately involve himself in the ICO and what role he will take, if any, in the Tezos story once it is complete.

Previously, Draper was unreservedly bullish about the project, telling Reuters in May prior to the original ICO start date that TEZ “was one of those tokens that are going to improve the world.”

Draper’s blessing is likely a major attraction for otherwise wary short-term investors against a backdrop of criticism regarding uncapped ICOs launching in recent weeks.

Concluding sales of his Civic token, entrepreneur Vinny Lingham gained acclaim for the way he ensured a “wide spread” of ownership, with limits placed on the number of tokens available for purchase by any one party.

The hugely successful Bancor token sale, also back by Draper, meanwhile still came in for criticism due to the speed with which it accrued around $153 earlier this month.

In the meantime, another sale has eclipsed its total, Block.One raising $185 million this week.

Endorsements Vs. Regulatory Elephants

Whether any name is enough to guard against the wrath of regulators, however, is an issue causing stress for both ICO projects and anyone with exposure to Ethereum.

Rumors the US Securities and Exchanges Commission (SEC) is considering how to approach the now multi-billion dollar industry began surfacing in mid-June, and a blanket move could turn the dream sour for those staking huge amounts of bitcoin and Ether on the ultimate modern-day get-rich-quick scheme.

Disclosure: This author is a participant in the Tezos ICO.

Bitcoinist reminds readers it does not endorse any token mentioned in the above article, nor does it recommend investing in any ICO without conducting thorough research into the associated financial and legal risks depending on an investor’s location.

What do you think about the Tezos ICO? Let us know in the comments below!

Images courtesy of Pixabay, Wikipedia

The post Tim Draper Uncapped Tezos ICO Raises $109M In 15 Hours appeared first on Bitcoinist.com.