Friday, June 2, 2023

Binance Coin Gains After Futures Listing


Changpeng Zhao, the founder and chief executive officer of Binance, is hopeful of being able to invite and encourage professional traders to be part of the Binance community.

Binance has officially announced a new derivative product, the Binance Coin. The listing seems to have caused a surge in demand for BNB, growing by more than 10%. On February 10, Binance, a Malta-based cryptocurrency exchange, announced the signing of a permanent Binance Coin contract with Binance Futures. It is Binance’s cryptocurrency derivative trading platform.

Binance Futures, as the latest financial mechanism of Binance, connects and partners with Tether (USDT). Which is the 17th cryptocurrency that adds to the futures trading platform. Accordingly, the Director of Binance Futures, Aaron Gong, mentioned that they have introduced a total of 16 altcoins to its platform. Which has already produced a satisfying growth in their altcoin trading volume. Some pairs are even quickly ascending to the top of the futures market. He added that the Binance contract has been a product that is highly in demand. It will eventually increase the Binance Futures trading platform’s industry impact.


Currently, the BNB/USDT perpetual swap is available for sale. It also permits users to choose any level of support from 1x to 50x. Binance’s CEO, Changpeng Zhao, stated that the purpose of the high leverage in the contract is to encourage and address the demands of professional traders. Additionally, Zhao added how the Binance team was able to observe the increase in the participation in trading from the institution.

Professional traders, according to Zhao, look for the fastest, easiest, and most practical ways to make a trade. They consider its cost and quality of performance. A $25.80 high year-over-year was reached by the cryptocurrency following the BNB futures contract listing. Currently, the Binance Coin bounds to make further advancements as estimated by multiple technical indicators.

According to the TS sequential indicator, the Binance Coin will continue to move higher based on its price chart. As it moves positively, BNB can find a particular conflict in the value of about $29. This is the price level where the setup trendline is currently in position. Overcoming this barrier could lead to a surge in demand, allowing Binance Coin to retest its all-time high of $39.60 at the end of June 2019. After everything, based on the Fibonacci retracement indicator, a major barrier supply that is between $26.60, $27.50, and $28.80 is overlooked.

If BNB breaks this resistance level, it will most likely try to retest its previous highs. It is worthless if the Binance Coin was able to grow by 100% since the start of the year. The increase in the exponential price suggests that a retracement could possibly be just around the corner.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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