Binance (BNB), the cryptocurrency from the world’s number one crypto exchange, had excellent performance from the start of Q1-2019 into Q2-2019 compared to other altcoins in the top ten. Now, with the advent of a new year and new decade, we look back at some of the significant events that shaped the year for Binance.
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Main Stream Adoption
In 2019, the cryptocurrency ecosystem, in general, had increased adoption in the mainstream and Binance was included in this movement, as seen by its adoption by the Swiss online retailer that accepts crypto payments, Digitec Galaxus.
In March, Digitec Galaxus announced the inclusion of Binance Coin (BNB), among others, as alternative payment methods made available to its customers. This project by Digitec Galaxus was in collaboration with Swiss payment processor Datatrans, and a Danish crypto startup Coinify.
Project Launch
In 2019, Binance, in continuing its onward march toward providing solutions in the blockchain industry, launched a series of programs. Let’s name a few of these initiatives.
Celer Network Token
In March, Binance announced the successful launch of the Celer Network token (CELR), which was launched on the Binance launchpad ICO/token.
During the launch, the company was able to raise $4 million within 17 minutes 35 seconds, while selling 597,014,925 CELR tokens.
Other projects, such as the Fetch.AI (FET) and BitTorrent token (BTT) projects, were positively launched on the Binance launchpad platform.
Binance DEX
In April, the exchange announced the launch of its decentralized exchange (DEX) on its native blockchain, Binance Chain.
Announcing the launch, Binance stated that the idea of the program was to “empower community growth and foster industry’s long-term vision for peer-to-peer trading.”
Matic Network Token Sale
In April, Binance token sale platform Launchpad successfully concluded the sale of Matic Network (MATIC) tokens through its innovative lottery system. About 60% of the participants were reported to have profited from the lottery.
Binance Singapore
After a series of testing, Binance also successfully launched its much-awaited exchange in Singapore. The company, in partnership with crypto startup Xfers, launched the exchange and began by offering BTC/SDG trading pair.
Support for more coins in the U.S.
In August, Binance also announced that it is increasing the number of digital assets available to its United States-based users.
Some of the tokens considered include Bitcoin (BTC), Ether (ETH), Cardano (ADA), EOS (EOS), Cosmos (ATOM), Basic Attention Token (BAT), ZIL, Ripple (XRP), Tether (USDT) and VeChain (VET), WAVES, LOOM, etc.
Lending Service
In August, Binance launched its first crypto lending product. The first stage of the launch saw holders of BNB, ETC, and Tether able to lend their assets and earn interest.
In later stages, Binance added other coins like ZEC, DASH, and XMR to the service.
Support For Turkish Lira
In November, Binance included the support for the purchase of Bitcoin (BTC) and other digital currencies with the Turkish Lira via its regional digital wallet partner, Papara, for its Turkish users.
The addition allowed users to be able to exchange the Turkish Lira for BTC, XRP, and Ether (ETH) using their Papara crypto wallets.
Face-off with The Block
In November, Binance CEO Changpeng Zhao was involved in a Twitter face-off with the media company. The face-off resulted following a misleading report by media company, The Block, alleging that the exchange’s office in Shanghai was drawing attention from Chinese police. As a result, CZ resolved to sue industry the media company over the alleged misleading reporting.
Acquisition of DappReview
In December, Binance completed the successful acquisition of a decentralized app (DApp) information startup, DappReview.
The startup is a platform that provides its visitors with data analytics, user insights, and information for over 3,900 DApps on 13 public blockchains.
Traders earnestly waited for a surge in BNB coin after the launch of fiat to crypto for Nigerian clients and U.S. based clients.
The bears drove the pair lower below significant bullish support levels expected to prop the price higher. Should we expect lower price levels as the year comes to a close or is there any chance of recoil in the price of the BNB Coin?
Let’s analyze the charts and exciting news events that took place in 2019.
Binance Analysis
BNBUSD: Monthly Time Frame
Following a top-down analysis from the monthly time frame, the BNB Coin resumed a bullish trend after a bullish accumulation pattern on January 1, 2019, for a 597.03% price increase.
June 01, 2019, the spinning top marked the all-time high for the BNBUSD and later followed by a bearish accumulation pattern on July 01, 2019, for a price decline of about 72.60% from the all-time high to the low at press time.
BNBUSD: Weekly Time Frame
Viewing from the weekly time frame, a breakout of bearish accumulation resistance on December 17, 2018, initialized the BNB price hike in Q1 and Q2 2019.
A breakdown of June 17, 2019, bullish accumulation resistance confirmed the trend reversal from bearish to bearish, followed by a dead cross of the MACD oscillator.
The price of BNB coin plummets by about 58.63% from the collapse of bullish accumulation support on July 8, 2019.
Buying confidence, revealed through a breakout of bearish accumulation in combination with four consecutive bullish closing bars, was dashed after a sudden dry-up of demand on November 18 and more recently on December 16, 2019.
Although a hidden bullish divergence is still possible, the current price patterns on the weekly time horizon show that we may see lower lows as the year comes to a close.
BNBUSD: Daily Time Frame
Hidden bullish divergence setups on February 1, 2019, March 2, 2019, and April 16, 2019, kept the BNBUSD in a bullish trend.
An opposing regular bearish divergence on June 26, 2019, confirmed the 2019 all-time high, forcing the pair into a bearish trend.
Similar to the price hike, opposite hidden bearish divergence patterns drove the price lower, with short-entry levels on August 15, 2019, September 21, 2019, and November 16, 2019.
The Bears and Bulls Scenario
Bullish Scenario
Considering that the price of BNB Coin has not closed below the December 3, 2018 low, we should be on the lookout for price patterns that may confirm a hidden bullish divergence structure.
Not forgetting the regular bullish divergence build up on the daily time frame, December 18, 2019, we see a similarity to the pattern that led to the exit of the 2018 crypto-winter.
Bearish Scenario
The collapse of bullish accumulation support on December 16, 2019, shows strong bearish presence and possibility of price advancing towards the Q1 2019 low.
A double bottom chart pattern will be confirmed if the BNB coin price fails to close below the 4.08633 support.
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