Binance Coin (BNB) Uptrend Is Solid, Prices May Rally Ahead of WINk IEO

  • Binance Coin is down 2.1 percent in 24 hours
  • WINk, previous TRONbet, will be crowdfunding from the Binance Launchpad

The integration of the Kyber Network liquidity protocol with the Trust wallet is a bullish signal for investors. Furthermore, the crowdfunding of WINk from the Binance Launchpad will draw demand for BNB. At the time of writing, the coin is stable but down 2.1 percent in 24 hours

Binance Coin Price Analysis

Fundamentals

Months after acquiring the non-custodial Trust Wallet, Binance, the world’s largest exchange by adjusted trading volumes, is now integrating it with the Kyber Network Protocol. The wallet, which is completely open-source and decentralized, initially offered native support for Ethereum (ETH) and related ERC-20 compliant tokens.

However, upon acquisition, Binance extended the number of supported cryptocurrencies. The exchange further plans to list tokens with proof-of-stake consensus algorithm. That’s on top of introducing additional features as staking and support of off-chain payment options as the Lightning Network.

Presently, the Trust wallet is default to the Binance DEX. There are several advantages of integrating the Kyber Network protocol, a multi-DEX platform allowing for cross token trading. First, not only will it ease trading, but there will be additional liquidity. Secondly, through the Trust wallet, users can access dApps from the wallet’s desktop or mobile version.

Meanwhile, WINk, previously known as TRONbet and a beneficiary of the Tron Arcade fund, will crowdfund at the Binance Launchpad.

Candlestick Arrangement

Binance Coin BNB

Perched at seventh, BNB, is steady, soaking in sell pressure. Nonetheless, the uptrend is firm. Although there is a tinge of weakness, BNB buyers have a chance.

From previous BNB/USD trade plans, there is opportunity for bulls as long as prices are firm above the $25-$30 support zone. Already, the double bar bullish reversal pattern of July 16 and 17 is hinting of demand in lower time frames.

However, with caps at the flexible resistance line, the middle Bollinger Band, there is apparent resistance for upsides. In light of the general tepidity of price action, risk-averse traders can adopt a neutral stand until after there is a strong close above June 2019 high of $43.

In the meantime, aggressive traders can buy the dips with a safety net just below $25. The first target will be $43. If the underlying momentum is firm, and there is a definite break past $43, odds are BNB will soar to $70 in a bull trend continuation phase.

Technical Indicators

As a result, the July 18 bull bar is leading this trade plan. For trend continuation, the breaching bar, lifting prices above $43 ought to be with high trading volumes exceeding 6 million of July 18. Conversely, steep losses below $25 nullifying this trade plan must be with high participation with the signaling bar propelled with high trading volumes surpassing 6 million.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Source: Newsbtc

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