HTC, the electronics company and smartphone developer based in Taiwan, announced that the new special edition of its smartphone, EXODUS 1, will provide support to both the Binance exchange and its token, Binance Coin (BNB). Therefore, users will have direct access to the Binance exchange from their phones.
The exchange has recently gained a more significant share of the market. In 2019, it has been by far the largest beneficiary of BTC transfers from exchange to exchange. Binance took a total of 544,675 BTC from other exchanges. Out of this amount, 259,722 BTC were taken from the HUOBI exchange, often considered its biggest competitor.
The Binance coin price has been trading inside a range between $19-21 since October 25. While it is likely to break out from this area, we believe the upside is limited to $25.
Cryptocurrency trader @SmartContracter stated that once the price breaks out from this range, “Moon” is the likely target.
At the time of writing, the BNB price had begun a move above this perceived range. Let’s analyze its market outlook and see where it is headed.and there she goes.
— 👨🌾Benjamin Bluntz👨🌾 (@SmartContracter) November 13, 2019
looks like CZ just activated moon.exe pic.twitter.com/yPLmxgdyUT
Current Pattern
The BNB price reached a low slightly below $15 at the end of September/beginning of October, before beginning the current upward move. The current price represents an increase of roughly 45% from those levels. The price is trading inside an ascending channel/wedge, aiming to reach the resistance area at $23.
Upward Trend
Looking at the daily chart, the BNB price is in the process of moving above the 100-day moving average (MA), which has previously made a bearish cross with the longer-term 200-day MA. The 200-day MA is currently at $25, slightly above the $23 resistance area. Therefore, we believe that until the price moves above this MA, we cannot consider BNB to be in an uptrend. However, it looks likely to reach the minor resistance area at $23.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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