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Binance Coin Declines To $22 After Bouncing Back

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The price of Binance Coin declines to $22 today just like the rest of the market, hinting that there is a possible crisis in the markets. While the performance from earlier this week showed that at one point BNB was attempting to cross $25, the situation is now different.

However, there was a reason for the spike earlier. As reports in the cryptonews showed, the US-based Bitcoin ATM operator CoinFlip joined Binance Chain and made BNB available to US consumers in 35 states in its ATM network.

Still, Binance Coin declines and was dragged as part of the market’s performance, approaching a new price at $22 on the price chart today. If we look at the prices in the weekly period, we will see that Binance was resistant to many things before and was comfortable trading around $23 and $24.

The coin seems to have moved out of the bullish MACD today now, and the price line can be observed hovering above and below this limit soon. There was also an overextension made above the $24 mark before which is why BNB stabilized before it fell to $22 as its current level.

The Relative Strength Index (RSI) now can be seen as varying between 30.00 and 70.00 for most of the day. Currently, it is lower than usual which signals that Binance Coin declines and could be heading to lower grounds.

The other two technical indicators can be seen sketching their paths near the BNB/USD pair while converging near the current mark. Anyways, the fact that Binance Coin declines may put its position at risk too – BNB is now at the 9th spot with around $3.44 billion as its total market cap. If we consider the fact that XTZ, which is ranked below it, has been adding a lot to its price lately without falling, BNB may be vulnerable and lose its position soon.

Besides the Binance coin news, we can see that many other altcoins are dropping today. For instance, EOS (EOS) has lost 12% of its price and is now at $4.03, followed by Bitcoin Cash (BCH) which is again vulnerable after losing 9% and at its new price of $379. While these are the worst performers in the top 10, there are still coins which have lost more than 7% including Ripple (XRP), Ether (ETH), Litecoin (LTC) and others.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Binance Coin News

BNB Coin Engagement Increases After Binance Card Introduction

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The BNB Coin engagement has just increased after the Binance crypto exchange announced the new Binance Card. According to the technical indexes, the Binance coin price is now at a pivotal point as we are reading in the following BNB news. Binance announced the introduction of the new product which will help users to pay for goods and services using crypto. The BNB coin engagement indicators exploded right after the announcement while the BNB price is trying to meet the bigger price point. The entire binance community engagement metrics went through the roof after the Binance Card announcement which left the investors wondering whether further price action will follow. In a recent blog post, Binance revealed the launch of the Binance Card which will work just like any other traditional debit card by allowing users to pay for goods and services using Bitcoin and the Binance Coin. Since it is issued by Visa, the card will have access to more than 45 million merchants across the world. The crypto community welcomed the announcement of the Binance Coin social engagement after a series of spikes since the news broke. The company even reported that the Binance Coin saw the first major increase yesterday with more than 620,000 engagements but a few hours later this number increased:
 “BNB social engagement just spiked even higher to 1,162,828 engagements in the most recent hour in an increasingly active day.’’
The analysis took into account the depth of the community interaction on all social posts that include likes, comments, replies, and other metrics. By analyzing this data, the LunarCrush company said that they were able to determine how engaged the community is around the digital asset. Over the past day, Binance Coin managed to increase to the third spot on LunarCrush’s ALTrank as more than 70 percent of all social interactions have been quite bullish. The crypto community seems positive about the Binance Coin which can be considered as a technical pattern that can be seen forming on the 1-hour charts. There’s also an ascending triangle forming on BNB’s hourly charts and a technical pattern develops because of the price action in the past two weeks. The horizontal line was created along with the highs of the price while a rising trendline developed as well. Breaking the $13.2 resistance level could start another breakout and an increase in the buying pressure could send the price up by more than 40 percent.
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Binance Coin News

BNB Price Failed To Reach $12 Price Point: Analysis

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The Binance coin BNB price failed to reach the $12 price level yesterday. The Traders were discouraged as they were expecting the same but they also hoped for an improvement. The price drop was quite huge as the price readjusted the 52-week low price level as we are reading in the binance coin news today. Binance Coin was among the same level as it reached $6.69 and the improvement was instantly followed yesterday. The day closed around $10.98 and the movement in the BNB coin price is stagnant so far. The Same will likely to remain locked until the closing so the day could end with a green digit but the improvements will remain marginal. The BNB price failed to reach $12 as it started dealing with the $9.64 price level with a slight spike to the $6.9. Later the price reached $6.96 but declined further by 29 percent. The cryptocurrency escalated to $10 in the next two hours and reached the Binance Coin down to $8.30. The currency had a hard time escalating but it did by 39 percent as the price reached $11.56. The increase was not long and slipped to $9.30 and kept the price locked until the coin started improving again to $11.37. The long movement of the binance coin could bring 14.75 percent progression. As of today, the cryptocurrency started a slight improvement and reached $11.26 but later plunged and touched $10.39. In just a few moments, it improved to $11.04. The current price of the Binance coin is $10.73 while the signal line and the MACD indicator on the charts show a bearish crossover. The histogram crossed the zero line already. The Binance Coin price is trading at $10.73 which seems near to the resistance level of $11.47. The same could happen soon and takes time to reach around the price level of the start of the month. As per the recent Binance coin news, shortly after the first line of FTX-provided leveraged tokens for trading on the Binance (BNB) exchange, we are seeing Binance Coin leveraged tokens now available on the exchange. Today, the Binance Coin (BNB) ecosystem announced that the leveraged tokens BNBBULL and BNBBEAR are now available for trading on Binance starting March 11, 2020. The tokens are designed by the FTX crypto derivatives exchange.
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Binance Coin News

Binance Coin Price Level Sees Bearish Downtrend At $6

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The Binance coin price level sees a bearish downtrend and it fell below the $7 price point. The cryptocurrency is now trading within a priced range of $6.416 and the coin was priced above the $16 mark before the start of the day as per the Binance coin news. Just a few days ago, the Binance coin price level saw trading within the $16 price range and the cryptocurrency later continued on the bearish momentum further. The downtrend slope continued until the coin saw another bearish movement and fell to the $11 price point before noon. The cryptocurrency traded close to the $12 level until it got closer to the end of the day when it saw a further decline to the $9 mark. After the closure of the day, the cryptocurrency dropped to the $7 price level and is now trading at $6.886. The 20-day Exponential moving average closed the day at $7.171 while the 50-day moving average stands at $8.036. The RSI or the Relative Strenght Index stands below the 50.00 level at 37.68. As previously reported in our DC Forecasts news reports, The binance coin price got to the $21 price level as it was observed the Thursday’s trading session. The cryptocurrency traded within the $20.601 and $21.777 range but is right now accumulating close to the $21 mark. On March 6, the 20-day exponential moving average (EMA) was seen during the closing of the $21.077 mark while the 50-day Moving average (MA) was closed at the 20EMA which is about $21.080. The relative strength index also reached a  daily high of 86.61 but it is now standing at 48.43. Binance Coin was ranked at the 9th position cryptocurrency as per the list of the top cryptocurrencies by market cap. Right now, Binance Coin has a market cap of $3,294,659,024 USD. In addition to this, the Binance Coin news now shows that from a trader’s perspective, the Binance Coin leveraged tokens are normal spot assets. That said, with BEAR and BULL tokens on Binance (BNB), users can enjoy the profitability of margin trading with no need to manage collateral, margin or liquidation prices. As previously reported in the news, one week ago similar assets went live on the Binance decentralized exchange (DEX). Unlike the ERC-20 BNBBULL and BNBBEAR tokens, leveraged assets on Binance DEX are issued on the Binance Chain as BEP2-versions of the leveraged contracts.
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Binance Coin News

Binance Coin Leveraged Tokens Now Available On Binance

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The Binance news now show that shortly after the first line of FTX-provided leveraged tokens for trading on the Binance (BNB) exchange, we are seeing Binance Coin leveraged tokens now available on the exchange. Today, the Binance Coin (BNB) ecosystem announced that the leveraged tokens BNBBULL and BNBBEAR are now available for trading on Binance starting March 11, 2020. The tokens are designed by the FTX crypto derivatives exchange. https://twitter.com/binance/status/1237593380764311553 The official announcement shows that both tokens will be traded against BUSD and USDT stablecoins so four new trading pairs have been launched. BNBBULL and BNBBEAR are ERC-20 tokens representing 3X Long BNB Token and 3X Short BNB Token. As a result of this, the owners of the new assets can benefit from bullish and bearish market moves demonstrated by Binance Coin (BNB). In addition to this, the Binance Coin news now show that from a trader's perspective, the Binance Coin leveraged tokens are normal spot assets. That said, with BEAR and BULL tokens on Binance (BNB), users can enjoy the profitability of margin trading with no need to manage collateral, margin or liquidation prices. As previously reported in the news, one week ago similar assets went live on the Binance decentralized exchange (DEX). Unlike the ERC-20 BNBBULL and BNBBEAR tokens, leveraged assets on Binance DEX are issued on the Binance Chain as BEP2-versions of the leveraged contracts. Reports on U.Today also remind that margin trading is a very high-risk option. Assets of this type are therefore subject to unmatched volatility and thus, may either gain or lose large amounts of their value in a single day. Meanwhile, the Binance Coin (BNB) price today is at $11.96 which shows that the coin has been free falling over the past day, now with 28% losses and a market cap of $1.86 billion. The volume of Binance Coin traded on the markets in the past 24 hours is $406 million which is decent enough but still not that good considering the bloodbath happening on the markets. Meanwhile, Bitcoin is still above $6,000 with a drop of 23% overnight and other tokens are extending their losses too. The total cryptocurrency market cap is at $168 billion now, which is a little over the levels we have seen this morning.    
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