Today, Binance Futures announced the launch of BNB / USDT permanent contracts. In the announcement, the company stated that the contract will start on February 10, 2020 from 15:00 (Vietnam time) and users will be able to choose the leverage they want from 1x up to a maximum of 50x.
Binance has announced that they will soon be offering traders access to up to 50x leverage on the native token BNB. In the announcement, the company stated that the Binance Coin (BNB / USDT) https://t.co/P2tCAE6NIS
– AZCoin News (@azcoinnews) February 7, 2020
The Binance exchange also takes a precaution to ensure that there will be no market manipulation after the launch of futures. This platform will be implementing pricing limits of ± 1% above the marked price for the first 15 minutes after the trade. This move is the result of the strong price increases after Binance announced the information.
Former COO TradingView joined Binance as Director of Fiat
Iskander Malikov, the former COO of TradingView, joined Binance as the new director of fiat exchange, the exchange was announced on February 6.
After serving more than three years at TradingView, Malikov will focus on fiat-to-crypto channels in regions across Europe and the Commonwealth of Independent States (CIS). Malikov will primarily work to set up new ports as well as expand existing ports in the main Binance markets in the region.
In addition, Malikov will be investigating new ways to simplify fiat-to-crypto and crypto-to-fiat conversions, according to the announcement.
BNB reached its highest level since November 2019
Over the past month, BNB has rallied a total of 42% as the cryptocurrency rebounded to resistance which was the highest level in November 2019.
BNB started the year at a price of around $ 13 and started to move much higher to cross the 100-day EMA at $ 17 and reach the 200-day EMA at $ 18.50.
Price chart from Tradingview
It is important to highlight the bullish channel that BNB has been trading for the past 6 weeks.
BNB struggled at the 200-day EMA for the rest of January, however, when February started, it quickly penetrated above as it broke the 5-month descending trendline to climb to the threshold. Current resistance is at $ 21.50.
When the bulls break $ 21.50, the next resistance level is at $ 21.90 (extension 1.618 Fib). Above this level, the resistances are at $ 22.70 (September highs closing prices), $ 23.60 and $ 25.
Also, if the seller pushes BNB lower, support can be found at $ 20.75 and $ 20. Below this, additional support is located at $ 18.50 (200-day EMA), $ 17.90 (.382 Fib retracement) and $ 17.00 (100-day EMA).
The RSI has reached the overbought conditions which may indicate that bulls can be overbought. If the RSI starts to turn down, this could be the first sign of a short retreat to $ 20.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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