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Binance Coin price prediction: BNB rejected further upside around $42

TL;DR Breakdown  BNB/USDT currently trades around $41.5.  Binance Coin trades under a strong resistance.  Closest minor support level around $40. Binance Coin currently trades around $41.5 and has a market cap of $5.9 billion. BNB has moved by 1.43 percent during the past 24 hours with a volume of $520 million. Overall, BNB/USDT has traded […]

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TL;DR Breakdown

  •  BNB/USDT currently trades around $41.5.
  •  Binance Coin trades under a strong resistance.
  •  Closest minor support level around $40.

Binance Coin currently trades around $41.5 and has a market cap of $5.9 billion. BNB has moved by 1.43 percent during the past 24 hours with a volume of $520 million.

Overall, BNB/USDT has traded sideways, with rejections being made both further upside and downside. Therefore, today BNB will likely show the market direction for the upcoming days.

Binance Coin price prediction: BNB rejected further upside around $42 1

Cryptocurrency heat map by Coin360

Binance Coin Price Prediction: BNB to continue to move sideways

At the time of writing, BNB trades at $41.5 and has a strong resistance around the $41.5 area. BNB/USDT opened at $41.87 earlier today after further upside yesterday.

The move is a continuation of several day rallies after a strong rejection at the beginning of the week. The rejection earlier this week caused a loss of over 20% on the 10th and 11th of January. However, the Binance Coin rejected further downside as soon as the $35 level was reached. Therefore, we can expect the overall uptrend to continue as long as this level is respected.

A clear ascending trendline is still in place. It was confirmed by a third touch when the BNB made a move from $45 to $35. As long as BNB does not move below it, the current several-week momentum is set to continue.

Binance Coin price movement in the last 24 hours

The price of Binance Coin has increased by 1.1 percent over the past 24 hours. The price currently trades close to yesterday’s close, and some volatility can be seen as minor rejections for both further upside and downside are made.

Binance Coin currently trades in a range of around $41-42. Until a clear break away from this area is made, further sideways is expected today. 

Binance Coin price prediction: BNB rejected further upside around $42 2

Binance Coin price chart by TradingView

BNB/USDT 4-hour chart – price ready to rise further?

The next major resistance for BNB can be seen around $45. A new yearly high was set around this level last week. After a retest of the $45 resistance, a double top was made, indicating strong selling pressure around this area.

If BNB breaks above the current consolidation, a further 6-8% move to the upside can be expected in the upcoming 24 hours. If the $45 area is reached, traders should pay close attention to what happens next. 

Another key level to watch is the $40 level. BNB could retest it over the weekend, and it would likely cause a consolidation that could last several days. The market would likely remain as such till it approaches the previously mentioned ascending trend line. However, if BNB/USDT moves below the $40 support and ascending trend line, the current uptrend would collapse, and spend several months in a downtrend once again.

Binance Coin Price Prediction: conclusion 

As BNB/USDT has continued to move sideways for the past 24 hours, a clear direction for the market cannot be made. However, BNB moved higher for the past few days, which would mean another short-term pullback would be healthy for the market structure.

A critical level to watch right now is the $41.5 resistance. When the price moves away from it, BNB will likely move towards the $45 yearly high or the $40 local support.

Binance Coin is still among the best performing crypto exchange tokens as Binance is still one of the top exchanges globally. 

For further reading, check out our in-depth guide on How to Trade on Binance

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Blockchain

Kraken Daily Market Report for February 24 2021

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Overview


  • Total spot trading volume at $2.43 billion, up 18% from the 30-day average of $2.06 billion.
  • Total futures notional at $742.6 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
  • Strong returns from Augur (+22%), Icon (+20%), Lisk (18%), and Compound (18%).

February 24, 2021 
 $2.43B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$50855. 
↑4.0% 
$927.5M
ETH 
$1694.5 
↑7.3% 
$442.0M
USDT 
$1.0009 
↑0.06% 
$308.7M
ADA 
$1.0666 
↑11% 
$140.5M
DOT 
$36.359 
↑5.2% 
$112.8M
USDC 
$1.0002 
↑0.01% 
$58.0M
XDG 
$0.0552 
↑16% 
$46.8M
XRP 
$0.4888 
↑2.7% 
$45.1M
LTC 
$187.16 
↑5.4% 
$44.2M
LINK 
$28.266 
↑8.8% 
$43.1M
BCH 
$546.64 
↑5.9% 
$19.9M
ATOM 
$20.971 
↑4.1% 
$17.4M
XLM 
$0.4278 
↑11% 
$17.0M
FLOW 
$22.203 
↑3.6% 
$14.8M
UNI 
$26.741 
↑7.6% 
$13.7M
GRT 
$1.9695 
↑16% 
$13.2M
AAVE 
$398.38 
↑9.2% 
$9.83M
ALGO 
$1.1312 
↑12% 
$9.67M
KSM 
$259.95 
↑8.0% 
$9.22M
XMR 
$218.18 
↓1.3% 
$9.14M
DASH 
$253.84 
↑9.8% 
$8.88M
EOS 
$4.0463 
↑5.0% 
$8.57M
XTZ 
$3.8502 
↑8.5% 
$8.23M
TRX 
$0.0492 
↑9.5% 
$4.84M
DAI 
$1.0012 
↓0.01% 
$4.78M
ICX 
$1.7515 
↑20% 
$4.63M
QTUM 
$5.5107 
↑7.1% 
$4.55M
SNX 
$20.534 
↑13% 
$4.44M
OMG 
$5.0897 
↑8.7% 
$4.29M
BAT 
$0.5229 
↑9.5% 
$4.29M
SC 
$0.0113 
↑3.3% 
$3.78M
WAVES 
$10.304 
↑10% 
$3.76M
NANO 
$6.0203 
↑16% 
$3.59M
YFI 
$36385. 
↑8.8% 
$3.55M
ZEC 
$131.65 
↑3.6% 
$3.33M
FIL 
$37.762 
↑6.3% 
$3.21M
COMP 
$452.55 
↑18% 
$2.38M
OXT 
$0.5371 
↑8.4% 
$2.12M
ETC 
$12.339 
↑8.4% 
$2.07M
LSK 
$3.1380 
↑18% 
$1.93M
KAVA 
$3.7965 
↑17% 
$1.57M
MANA 
$0.2622 
↑13% 
$1.53M
REP 
$35.637 
↑22% 
$1.49M
CRV 
$2.2995 
↑7.7% 
$1.45M
KNC 
$1.7123 
↑6.8% 
$982K
MLN 
$41.951 
↑12% 
$834K
PAXG 
$1804.9 
↓0.2% 
$778K
KEEP 
$0.3739 
↑10% 
$710K
STORJ 
$0.6370 
↑12% 
$670K
ANT 
$4.7319 
↑10.0% 
$576K
BAL 
$40.659 
↑16% 
$568K
GNO 
$141.23 
↑11% 
$508K
REPV2 
$26.630 
↑8.9% 
$274K
TBTC 
$54060. 
↑9.8% 
$244K


#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (February 24 2021)

Figure 2: Mid-size trading assets: (measured in USD) (February 24 2021)

Figure 3: Smallest trading assets: (measured in USD) (February 24 2021)


#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (February 24 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (February 24 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (February 24 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (February 24 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/8041/kraken-daily-market-report-for-february-24-2021/

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Blockchain

India’s largest crypto exchange adopts decentralized Unstoppable Domains

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India’s largest cryptocurrency exchange, Unocoin, has adopted the blockchain-based Unstoppable Domains, which simplifies crypto transactions by turning blockchain addresses into human-readable web URLs.

Announced on Wednesday, the partnership between Unocoin and Unstoppable Domains — both funded by Silicon Valley investor Tim Draper — is expected to reduce remittance costs and simplify the transaction process for the exchange’s 1.2 million users.

Unstoppable Domains turns crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names need only be purchased once, and then exist forever on the blockchain without requiring any renewal or maintenance fees.

The decentralized aspect of Unstoppable Domains should be of particular interest to Indian crypto users, especially amid the furor created by the Finance Ministry’s decision to ban the use of Bitcoin (BTC) and other cryptocurrencies.

Pushback against the country’s plan to outlaw cryptocurrency has emerged on social media in the form of the #IndiaWantsBitcoin campaign. Despite regulatory uncertainty, the co-founder and CEO of Unocoin, Sathvik Vishwanath, sees the adoption of Unstoppable Domains as being in line with the maturation of the crypto industry in India. Vishwanath said:

“The cryptocurrency space is maturing. In line with the growth of the industry, Unocoin aims to offer its users the best possible experience. Integrating the .crypto domain is a significant step not only for Unocoin users, but also for additional exchanges in the country exploring simpler and more user-friendly options for their users.”

Unstoppable Domains co-founder Brad Kam referenced the reluctance of the Indian government to allow the spread of cryptocurrency within its borders:

“India’s population has been historically scorned from cryptocurrency. Unstoppable Domains is excited to deliver the seamless sending and receiving of cryptocurrency to Unocoin’s users. Our aim is to simplify cryptocurrency addresses, and establish human readable names as the domain standard across wallets and exchanges.”

On Wednesday, Reserve Bank of India Governor Shaktikanta Das reiterated the central bank’s intention to create its own centrally issued currency, the digital rupee. This follows a common trend that has emerged in recent years as national governments attempt to reign-in the spread of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.

As reported by Cointelegraph, Unstoppable Domains was recently integrated into Cloudflare’s Distributed Web Resolver, meaning any web browser can now access the .crypto URL extensions.

A spokesperson for Unstoppable Domains confirmed to Cointelegraph that even if Unocoin were to be shut down in the near future, the addresses and URLs created through the platform would remain unaffected.

Source: https://cointelegraph.com/news/india-s-largest-crypto-exchange-adopts-decentralized-unstoppable-domains

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Blockchain

DEX volumes have already surpassed $120b in 2021

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Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.

According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February’s volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end.

DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.

Monthly DEX volume: DuneAnalytics

The Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.

However, looking at the weekly number of active traders on each platform shows that Uniswap represents more than three-quarters of Ethereum DEX users. Over the last seven days, nearly 142,000 unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with roughly 18,450 traders, and SushiSwap with 8,911.

However, not all DEX trading activity is occurring on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of more than $1.1 billion.

Despite some users migrating away from Ethereum-based DEXes, confidence in the sector as a whole is at an all-time high, with the total value locked in these exchanges sitting above $40 billion for the first time during recent weeks.

Source: https://cointelegraph.com/news/dex-volumes-have-already-surpassed-120b-in-2021

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