LOADING

Type to search

Cryptocurrencies

Despite DeFi Pivot, Binance Coin (BNB) Just Formed a Pivotal Sell Signal

Mainframe AI
Share

Despite DeFi Pivot, Binance Coin (BNB) Just Formed a Pivotal Sell Signal

  • Binance Coin (BNB), which some see as a major indicator for the altcoin marketplace, has been on a strong rally over the past few weeks.
  • The coin, after undergoing a strong correction, has jumped against both the U.S. dollar and against Bitcoin.
  • The coin has effectively doubled against Bitcoin within the past two weeks, surging higher.
  • Binance Coin has been benefiting from the blockchain’s pivot to decentralized finance.
  • The coin can be rallying as a result of the launch of Binance Smart Chain, which allows for intelligent contracts on the community.
  • Unfortunately for bulls, the coin is forming a market signal against Bitcoin.
  • The Tom Demark Sequential formed a”market 9″ candle to get the coin on Monday morning.
  • Such Tom Demark Sequential”9″s when an asset is at an inflection point in its fashion.

    “7For $BNB, this creates a constant demand for holding/staking the token which makes it an attractive asset to own. Meanwhile fees that accrue in the market continue to burn present supply. I expect $BNB to claw back the underperformance YTD consequently.”
    Kelvin Koh of the Spartan Group recently commented on BNB’s potential to rally amid the continuing fundamental trends for the coin:
    Binance’s Binance Coin (BNB) has been on a tear over the past few weeks. In the span of about two weeks, the coin has doubled against Bitcoin, shocking many dealers.
    Such TD Sequential signs are observed when an asset is poised to reverse to the downside.
    The leading cryptocurrency recently formed a”market 9″ candle from Bitcoin, a Telegram channel monitoring the Tom Demark Sequential index noted on Monday morning.

    While Binance Coin did form this sign, analysts think the coin could stay afloat because of Binance Chain’s continuing pivot to DeFi.
    “Created to run parallel to Binance Chain, BSC enables the introduction of smart contracts for tokens on the Binance-branded blockchain. Additionally, it presents an all-new staking mechanism for BNB, one of the world’s top cryptocurrencies,” a press release read on the issue.
    What sets the two networks apart is the new one can ease smart contracts compatible with the Ethereum Virtual Machine.
    Chart of BNB’s price action against Bitcoin within the past few weeks with Tom Demark Sequential candle readings and levels from a Telegram station

    Historical instances of the index forming signs can be observed in the graph below. The chart shows that the index has had good accuracy before.

    Despite this basic development, Binance Coin may be poised to reverse.

    The coin is up around 30 percent in the past three days , rallying despite a fall in the price of leading cryptocurrencies.

    Others are optimistic about the coin’s prospects as it tries to claw at a few of Ethereum’s market share.

    Published at Mon, 14 Sep 2020 10:00:42 +0000
    tracking the indicator. Chart from TradingView.com

    Pivot to DeFi

Tags:

You Might also Like

error: Alert: Content is protected !!