Binance Coin, the native token of the crypto exchange Binance, registered on Tuesday up to 22% of gains when entering to the index of the first 10 cryptocurrencies.
The Binance to Dollar (BNB/USD) exchange rate set its intraday high at 8,788 in the open of the European session. Previously, the pair opened at 7.158 as part of its rally previously underway. On January 31, the BNB/USD traded as low as 6,079, raising the pair’s weekly earnings to 44.5%.
From a technical perspective, the BNB/USD previously had a downward trend within a falling wedge formation. Ideally, as the contracts and the volume of the wedge begin to fall, the underlying asset attempts a break-up action.
On December 2, 2018, the daily volume of Binance Coin began to gain momentum after months of low trading activity. By doing so, the price started to rise while setting its bullish objective towards the resistance trend line of the falling wedge.
On January 15, BNB/USD cleared through the resistance level and entered the area of “false break“. The increase that is occurring today is clearly occurring within the same area. This means that Binance Coin could continue to correct lower unless it establishes a stable support level, somewhere above $9,509.
The increase of the Binance token follows the events that take place within the Launchpad space of the crypto company. In early January, the token launch platform successfully completed the sale of the BitTorrent BTT Token in just 15 minutes. It also organized a 5,000 BTT airdrop for all investors who were eligible but could not participate in the main sale.
And now, Binance confirmed the launch of another project on the Launchpad platform. Nicknamed Fetch.AI, the project is compatible with an economic Internet model based on artificial intelligence, machine learning and Blockchain. According to Binance’s weekly report, its Launchpad platform would house the sale of Token Fetch.AI, which will start on February 25.
The situation reminds Ethereum, a Blockchain platform whose native ETH Token drives ICO projects. Traders expect the demand for BNB Tokens to increase as Ethereum. Therefore, the currency seems attractive in the short term. But if the Launchpad projects are going well or not, it will decide the underlying valuation of the BNB Tokens, in the long term.
In contrast, other higher currencies performed poorly on Tuesday. Bitcoin, the leading cryptocurrency by market capitalization, recorded losses of 1.52% in an adjusted volume of 24 hours. While Ethereum and Ripple also maintained losses in the 2-3% range, Binance Coin and Litecoin lost more after dropping more than 4% in one day.
Where can I buy Binance Coin for investment and speculation?
Investors interested in this cryptographic token can buy and sell BNB at the following sites:
-Binance: It is the main cryptocurrency exchange market today and the creator of BNB. Investors can buy Binance Coin in this exchange at the best prices as an investment asset or use it to pay much lower trading fees for transactions with cryptocurrencies in Binance.
-eToro: This famous social investment platform and regulated online broker allows you to buy cryptocurrencies like BNB and store them. Previously eToro only allowed speculating with cryptocurrencies through CFD (derivatives where the underlying asset is not owned), but now customers can buy these digital assets and keep them stored. However, unlike Binance, the use of cryptocurrencies purchased in eToro, including their withdrawal, are more restricted at the moment.