Shortly after announcing the launch of its Decentralised Exchange testnet, Binance Coin has been performing excellently to the extent that the digital asset climbed to the 10th position according by market cap, after seeing over 15% price increase in the last 24 hours.
Now, Binance Coin (BNB) appears not to be comfortable with its present 10th position, considering the difference between it and Tron (TRX) which seats at the 9th position.
As at the time of writing, TRX has a market cap of $1.6 Billion while BNB has a market cap of $1.5 billion.
One surprising thing about BNB is that its 24hrs market volume has risen to $163,224,448 compared to Tron which stays at $150,300,958.
Binance Coin (BNB) Intraday Price Analysis
Binance Coin (BNB) continues to rally support beyond the $11.00 support level with great potential out of $11.50 mark. While the likes of XRP, Ethereum, Litecoin and more are correcting lower, the price BNB continues to push harder with strong traction on the upside trend to overthrow Tron (TRX) blockchain technology.
- Binance (BNB) Coin breaks above $11.00 resistance with more than 15%.
- On the 4-hours chart of BNB/USD, the trade pair formed a solid traction around the $11.40 mark as it continues to maintain solid support on the upside trend.
- Binance (BNB) Coin is pushing harder to overthrow Tron (TRX)
Binance BNB/USD Price Analysis
The last two days has been quite beautiful as most coins trend towards the north. Binance (BNB) rallied support above the $10.00 and $11.00 resistance levels within the same duration.
Since the mid hours of the European trading session yesterday, Binance (BNB) coin has begun trading high against the US dollar, and the market chart indicates that after a progressive shift above the $10.00 resistance, the altcoin has again formed another resistance above $11.00 mark.
Even though BNB/USD trade pair plunged a little after escaping the $11.00 level to settle for $10.00 resistance, a revamp momentum was initiated by the altcoin for another rally that allows the trade pair to maintain solid traction above $11.00 resistance point.
The 4-hours chart indicates BNB/USD trade pair had a major break out of the triangle pattern with resistance at $11.19 and the pair has rallied around $11.30 resistance levels, with its trend line above the 100 simple moving average.
Binance Coin (BNB) has tested the $11.00 point twice according to the 12 hours chart, and it is trading around $11.40 against USD with moment for higher price in the next few days.
All You Need About Binance DEX
The Binance newly launched Decentralised Exchange survives on Binance Chain, a new blockchain and peer-to-peer (p2p) distributed system developed by the exchange.
Through the blockchain network, users are eligible to create wallets and share tokens on the Binance DEX testnet.
According to the CEO of the exchange, Changpeng Zhao, the newly unveiled exchange is innovated to give users the advantages to guard and control their private keys
“Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet,” CZ said.
“With Binance DEX, we provide a different balance of security, freedom and ease-of-use, where you take more responsibility and are in more control of personal assets.”