Binance CoinPendidikan
Understand the hype around Binance Chain & Dex and its effects
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This is my first technical and fundamental analysis of Binance Coin (BNB).
I also take the opportunity here to draw a parallel with another altcoin, TOMOCHAIN, not yet available directly on Trading View.
I have shown by vertical lines each Burn of BNB that occur every quarter since 10-18-2017, 6 Burns now reducing the total supply of BNB tokens by 5.41%. This makes it possible to note graphically that there has been no influence on the rise of the course so far!
Binance in its whitepaper promises the destruction of half of the BNB futures. The amount of BNB to "burn" is based on the number of transactions made on the trading platform in the last 3 months. Thus, after each quarter, Binance burns BNBs according to the overall volume of user transactions.
What is, on the other hand, very significant, and this contrary to most other cryptocurrencies, is that the price of the BNB has dissociated itself from the Bitcoin price (master-standard of cryptos) as from 03-20-2018, on the rise!
For almost a year now, although BNB's price remains closely correlated with Bitcoin's share price in terms of variations, it still retains the difference in value recorded by the sudden rise from 20 to 22 March 2018.
This "hype" corresponds to the first announcement by Binance of the creation of its own blockchain for BNB, so named BinanceChain, and therefore no longer a "simple" ERC20 token of the blockchain Ethereum!
But also already, the rumor spoke of a new exchange platform for Binance, visually similar, but decentralized! What is called a Dex and which allows customers to own their personal private keys, a safe asset. So, there was already talk of a Binance Dex, adding FOMO to this hype.
However, at the end of January 2019, Binance's second more precise announcement about BinanceChain and BinanceDex, resulting in a new hype / pump that I have framed on my chart!
Good news for those who have already invested on BNB (or on TOMO as I will explain), they take advantage of this announcement effect.
BUT for those who would be tempted to invest on BNB (and TOMO), I don't necessarily advise you in the immediate future!
On the one hand, I highlight in red the presence of a possible horizontal resistance that has just been reached, constituted by the previous big support broken November 13, 2018!
In addition, I also highlight the RSI 14 oversold (> 70) in the last 10 days, which refers to the hype of the month of December 2017... As much as there can be beautiful green candles to enjoy, so keep in mind the catastrophic result as of mid-January 2018! Periods of pure speculation are dangerous for your wallet.
I also take the opportunity here to draw a parallel with another altcoin, TOMOCHAIN, not yet available directly on Trading View.
I have shown by vertical lines each Burn of BNB that occur every quarter since 10-18-2017, 6 Burns now reducing the total supply of BNB tokens by 5.41%. This makes it possible to note graphically that there has been no influence on the rise of the course so far!
Binance in its whitepaper promises the destruction of half of the BNB futures. The amount of BNB to "burn" is based on the number of transactions made on the trading platform in the last 3 months. Thus, after each quarter, Binance burns BNBs according to the overall volume of user transactions.
What is, on the other hand, very significant, and this contrary to most other cryptocurrencies, is that the price of the BNB has dissociated itself from the Bitcoin price (master-standard of cryptos) as from 03-20-2018, on the rise!
For almost a year now, although BNB's price remains closely correlated with Bitcoin's share price in terms of variations, it still retains the difference in value recorded by the sudden rise from 20 to 22 March 2018.
This "hype" corresponds to the first announcement by Binance of the creation of its own blockchain for BNB, so named BinanceChain, and therefore no longer a "simple" ERC20 token of the blockchain Ethereum!
But also already, the rumor spoke of a new exchange platform for Binance, visually similar, but decentralized! What is called a Dex and which allows customers to own their personal private keys, a safe asset. So, there was already talk of a Binance Dex, adding FOMO to this hype.
However, at the end of January 2019, Binance's second more precise announcement about BinanceChain and BinanceDex, resulting in a new hype / pump that I have framed on my chart!
Good news for those who have already invested on BNB (or on TOMO as I will explain), they take advantage of this announcement effect.
BUT for those who would be tempted to invest on BNB (and TOMO), I don't necessarily advise you in the immediate future!
On the one hand, I highlight in red the presence of a possible horizontal resistance that has just been reached, constituted by the previous big support broken November 13, 2018!
In addition, I also highlight the RSI 14 oversold (> 70) in the last 10 days, which refers to the hype of the month of December 2017... As much as there can be beautiful green candles to enjoy, so keep in mind the catastrophic result as of mid-January 2018! Periods of pure speculation are dangerous for your wallet.
Nota
Finally, here is a comparison chart between the TOMOCHAIN (TOMO) and BINANCE COIN (BNB)... a very similar hype!Indeed, Changpeng Zhao (nicknamed CZ), the CEO of Binance, doesn't hide the fact, for a month, that TOMO is in the test phase on the future BINANCE DEX! This certainly explains that ;)
So be careful with TOMO now... I've never been a big fan of short-term ad effects.
In my opinion, if either of these two altcoins interest you, it would be more prudent to wait for a technical correction (RSI14 fell) to invest. But it's up to you to decide!
charts.cointrader.pro/snapshot/aspbs
Finally, always keep an eye on the Bitcoin price:
I invite you to look at my BTC related idea!
and if my ideas interest you, don't forget to activate
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Dagangan aktif
Let's go! Binance Dex available in beta:testnet.binance.org/
Official source:
support.binance.com/hc/en-us/articles/360023912272
But beware of 'Buy the Rumor, Sell the News'
...especially since the last pump is mechanically linked to the rise of Bitcoin : most of the altcoins also benefited
Dagangan aktif
/!\ TOMO /!\ Ascending wedge with very bearish target?
charts.cointrader.pro/snapshot/0oZop
Nota
Price update in my result bearish wedge on TOMOCHAIN:charts.cointrader.pro/snapshot/bwS10
Nota
Speculative Pump & Dump confirmed, reinforcing my long term opinion: Only Bitcoin has and will have real value.
...where BNB (and TOMO, etc.) are only nth CENTRALIZED corners without the added value of TRUST.
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