BNB is Fragile Despite Binance Listing Dogecoin and USDT Address Shift
- Binance Coin (BNB) down 4.5 percent
- Dogecoin listed at Binance, shift USDT addresses compliant with ERC-20 standards
Drawing attention, Binance listing of DOGE is bullish. The altcoin has the support of John McAfee as well as Elon Musk. For Binance clients, USDT addresses are now ERC-20 compliant following the shift on July 4. Meanwhile, BNB prices are flat above $30.
Binance Coin Price Analysis
The crypto ecosystem is evolving, and so are crucial appendages that make cryptocurrency a thriving industry. Top of the list is Binance. Irrefutably the world’s largest exchange by adjusted trading volumes, the ramp is not short of controversies.
Even so, it is crucial for the general well being of the space. A top liquidity provider and improving, it plans to introduce margin trading to take on BitMex. Although it is attractive as traders can borrow to speculate on asset prices, it is equally dangerous. Margin calls are prevalent.
Presently, the general buzz is their unexpected listing of Dogecoin. Supported by industry leaders including Elon Musk and the controversial but vocal Bitcoin bull, John McAfee, the listing of DOGE at Binance is the end of “discrimination.”
For a project that began as a joke, the listing is a liquidity boost and an endorsement of what their founder, John Palmer, has been doing. International traders at Binance will now have more options. DOGE will trade against BNB, BTC and three other stable coins including PAX and USDT.
Then again, Binance Chain plans to upgrade their mainnet on July 15. Aside from that Binance shifted their USDT addresses from Omni to ERC-20 in a 30 minutes downtime on July 4.
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At the time of writing, BNB prices are all over the place. By printing dojis above the main support line at $30, there is an apparent weakness. On top of that, the lack of a definitive trend direction after a solid first half of 2019 is revealing of fractures.
Nonetheless, despite fragilities, the path of least resistance is northwards. However, that is mainly dependent on whether prices will oscillate above $30 or even print above June 2019 highs at the back of increasing participation.
From previous BNB/USD trade plans, any upswing above $43 could see BNB more than double to $75 in the next few months. Conversely, liquidation below $30 with a differentiating breakout candlestick buoyed by ultra-high trading volumes could mean disintegration to $25 or lower.
In light of the above, June 14 bear candlestick is leading. Any break above $43 or $30 must be with high trading volumes above 4.9 million. Depending on the breakout direction, such a distinctive bar will define the short to medium term price trajectory.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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