CZ Continues to Delight the Market with Its Positive TrendsOct 14, 2019
After Binance published a blog post in which it answered the question of whether BNB is a tokenized security or a utility token BNB continued its growth and overcame the resistance level of $16.00.
Binance listed more than 120 ways in which BNB can be used, which means that the asset has a high potential for active development and robust circulation. As a result, the investors just got another reason to believe in the glittering future and continue to invest in the coin.
The return of the BNB/USDT pair rate to above $18.50 will allow to expect sustained upward movement to the $20.00 mark. Please note that the resistance level of $18.50 was established as far back as May of this year and it acted as a level of support, thereby sustaining this position.
The bullish scenario remains the most likely until the rate returns to under $16.50, which is still a strong technical level of support.
Let’s also take notice of the fact that the MACD histogram columns over zero, while the RSI indicator points up but is still significantly lower than 75, which would signal that the currency is overbought. All of this points toward the buyers’ willingness to carry on the upwards drive to the $20.00 mark, and we recommend using the trailing feature in trading.
We would also like to remind our readers that at the AMA session CZ announced the date of the next burning of BNB, which, according to the announcement, will take place some time this October. This event is yet to come to pass, and in the meantime we are awaiting more detailed information.