- Binance Coin (BNB) down 12.1 percent
- Libra coin can be available at Binance at the launch in 2020
The exit from US customers will shave Binance's trading volumes. To counter that, they may end up recording Facebook's Libra by roll-out. Negotiations are at an initial stage. Meanwhile, BNB is down 12.1 percent from last week.
Binance Coin Price Analysis
It may be the greatest exchange with trading volumes, but the title is threatened. With the SEC firm on their interpretation of what security is, the exit from US customers will negatively affect Binance's trading volume.
One thing is most likely that Huobi, Binance Coin (BNB), would not be available for trading in the OS. It is only a matter of months before it becomes a reality. The impact could move for BNB holders with the only path of least resistance to the south.
On the chart, fragments have begun to form BNB prices stagnate below $ 40. Their plans to note Facebook's Libra could revive the interest in the exchange token, which temporarily outweighs the prices. At least it's a business decision Binance as a for-profit company won't miss.
According to Binance strategy officer Gin Chao in an interview with Finance Magnates during the FinTech Junction Conference in Tel Aviv, their discussion with social media giant is at an initial stage:
"We have had an official dialogue with Facebook. Specifically, right now, they will be on a so-called "private chain." So that means they won't look for external liquidity, but from what we understand the potential it will lead [Facebook] to have a secondary market [for Libra coin]. Currencies benefit from a secondary market, so it would be in their best interest to want to be listed. "
, 1 percent lower from last week close at the time of writing. Under pressure, bears can rise in the future. Visibly, the bull's momentum is diminishing after six months with impressive gains. So far, it is crucial that bulls maintain BNB prices over the $ 30 headline.
Ideally, any rally over the top of $ 43 or June 2019 could see prices more than double. However, any liquidation with high trading volumes that exceeded June 14 could confirm the bearish divergence pattern. Then the first stop could be $ 25 and later $ 17 as described in the previous trading plan for BNB / USD.
With staggering bulls and shrinking participation, there is a bearish divergence. All that's needed is an increase of over $ 43 or a drop below $ 30 complete with high trading volumes of over 4.9 million on June 14 cancel or confirm bulls in the first half of the year.
Map with the Law of Trading View. Image Courtesy of Shutterstock