The much-anticipated Binance futures trading platform went live on September 13. The launch was expedited because of:
“An overwhelming response for Binance Futures since the beta launch on Wednesday.”
In an attempt to encourage traders to join the platform, Binance decided to offer a 50% discount on trading fees for three months. The Futures A platform can support up to 100,000 orders every second with a 5 millisecond latency time. The user interface is perfectly designed to match that of the advanced Binance exchange interface.
Binance Coin Price Update
After the announcement, the Binance Coin (BNB) responded remarkably. The price ascended to flirt with $21 from the lows of $19.66 on Thursday. Furthermore, the trading on September 13 (Friday) pushed the BNB token to an intraday high of $21.28 during the early Asian trading hours. Currently, the token is trading at around $20.98 representing a gain of 3.95% in the past 24 hours.
Wedge Pattern Formation
Putting the hourly chart for BNB/USD into context, it is evident that there is a reaction to a short-term rising wedge pattern. BNB token price has attacked the lower trendline. That action might push the correction back to the immediate support located at $20.
Furthermore, the Stochastic RSI shows that the cryptocurrency is already oversold and will most probably experience a reversal. Thus, it is important that the price is sustained above the $20 psychological level to prevent further plunges below the recent lows of $19.66.
Binance Exchange is involved in various developments. Analysts and commentators expect these developments to affect the BNB price in the long term. The exchange plans to launch Venus to contend with Facebook’s Libra. Binance also targets to break the “financial hegemony” while reshaping the world’s financial infrastructure with the proposed crypto.
For now, the $21 level remains as a key indicator of where the next price action will take the BNB token.