Monat: Juli 2023

• BNB coin has become heavily shorted in the perpetual futures market.

• It has also formed a bearish flag pattern on the daily chart.

Binance Coin has come under intense pressure in the past few weeks as short bets in the futures market increased. BNB token was trading at $244 on Monday, lower than last week’s high of $261. In all, it has dropped by over 31% from the highest level this year.

BNB loses momentum

Most cryptocurrencies jumped sharply last week after the conclusion of the Ripple vs SEC case. BNB coin, on the other hand, remained in a tight range. It jumped to a high of $261.40 and then erased most of those gains.

Binance Coin has remained under pressure mostly because of the ongoing case, which was brought about by the Securities and Exchange Commission (SEC). The SEC accused Binance of committing over 10 crimes, including operating a broker-dealer in the United States without following the law.

It is too early to predict how the lawsuit will develop and how long it will take. Legal experts I have talked to say that the SEC has a relatively solid case against Binance. 

Another reason why BNB price is struggling is a recent report that Binance had fired over 1,000 employees recently. Like other crypto companies, Binance has gone through major challenges because of the crypto winter. 

Despite this, there is a likelihood that the company’s finances are improving as cryptocurrencies recover. Binane has also seen inflows in the past few weeks. According to DeFi Llama, it has had over $2.9 billion in inflows in the past 30 days. Its assets now stands at over $64 billion.

Meanwhile, data shows that many players in the perpetual futures market are short the BNB coin. Data compiled by CoinGlass shows that open interest is weighted heavily towards the short-sellers. In a note, an analyst told Coindesk:

“The sentiment has worsened due to the recent high-profile staff exits, inconsistencies related to BCH withdrawals from Binance.US and the pending Department of Justice case against Binance’s CEO Changpeng “CZ” Zhao.”

BNB price prediction

The daily chart shows that the BNB crypto price has been in a strong bearish trend in the past few months. Most recently, the coin has formed what looks like a bearish flag pattern. In price action analysis, this pattern is usually a bearish sign. 

BNB coin has moved below the 50-day and 25-day moving averages. Therefore, because of the descending flag pattern, the coin will likely have a bearish breakout in the near term. If this happens, the next level to watch will be at $220.

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The post Binance Coin (BNB) price forms a bearish flag as the plot thickens appeared first on CoinJournal.

Key takeaways

• Chancer has sold more than two million tokens so far in its presale, raising nearly $800,000 in the process.

• Bitcoin continues to maintain its value above $30k as more investors become bullish. 

The cryptocurrency market rallied last week following the news that XRP is not considered a security. Several cryptocurrency exchanges, including Coinbase and Kraken, relisted XRP on their platforms afterwards. 

Bitcoin, the world’s leading cryptocurrency by market cap, continues to maintain its value above the $30k level. This has allowed other cryptocurrencies to experience positive performance. 

Chancer, still in its presale stage, is also setting new records, with nearly $800,000 raised by the team so far. 

Bitcoin maintains its price above $30k

Bitcoin has been trading between the $29k-$31k region over the past three weeks. Following Ripple’s partial win in court, Bitcoin rallied close to the $32k level before retracing towards $29k on Friday.

However, Bitcoin is now trading above $30k once again as investors remain optimistic about the medium and long-term outlook of the market. At press time, the price of Bitcoin stands at $30,165 per coin. 

What is Chancer?

The total cryptocurrency market cap has stayed above $1 trillion for more than a month, indicating that interest in the market remains strong. 

With the market experiencing a pullback following Ripple’s judgement last week, investors might be looking at some new and exciting projects. Chancer is one of the exciting and new projects currently in the cryptocurrency space. 

Chancer is a unique Web3 peer-to-peer (P2P) custom betting platform designed to enable users to live stream betting events. 

In an age where everything is becoming decentralised, Chancer is looking to do the same to the betting industry. Chancer has adopted a decentralised method of betting and online gambling.

Another exciting feature of Chancer is that it allows users to bet on a wide range of events, beyond traditional sports and casino bets. 

The project is in its presale stage, and the first stage is almost over. The team aims to raise $1 million in the first presale stage and has so far raised $794k. The developers will use the funds raised from the various funding rounds to build a P2P betting platform. 

According to their whitepaper, Chancer would allow users to enjoy numerous features, including, betting markets in real-time and based on user interests, social media connections, and expertise. 

Furthermore, Chancer claims that it wants to solve the problems associated with using bookmakers when betting. Users would be allowed to set up their custom P2P betting markets. 

One of the biggest selling points of Chancer is that users can bet on various activities. It doesn’t matter if it is an official event or not. The bet can range from sporting events and even non-sporting ones amongst friends. 

You can bet on the first one in your group to finish a specific task or to achieve a certain milestone. 

Chancer’s first presale stage is 80% completed

Chancer’s presale event will take place in stages, and the first one is nearly 80% completed. So far, the team has raised nearly $800k.

The development team will use the funds to develop its suite of products. The team intends to carry out 12 presale events, with a target of $15 million. 

CHANCER is the native token of the Chancer ecosystem. At the moment, CHANCER is going for $0.01 BUSD per token.

According to the team, the token will power various activities on the Chancer platform. Users that hold CHANCER can create markets and invest in markets created by other users. 

In addition to that, holding CHANCER would allow users to create, participate in, and profit from their very own predictive markets. 

Currently, Chancer supports numerous wallets for the presale, including, Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

Visit the Chancer website to get more information about the presale. 

Should you invest in Chancer now?

Chancer could be one of the best new projects to enter the market this year. By decentralising the betting ecosystem, Chancer could gain massive adoption over the next few months and years.

If Chancer gains massive adoption, its native token could experience a surge in price in the medium and long term. In addition to that, CHANCER’s price could also rally higher if the broader cryptocurrency market continues its positive performance in the coming months. 

The post Chancer sells over 2 million tokens as Bitcoin’s price stabilises appeared first on CoinJournal.

• A US federal judge ruled last week that Ripple is a security when sold to institutional investors
• Ripple’s price jumped by more than 30%
• Only a close above parity would invalidate the bearish bias

Ripple squeezed higher last week following a landmark decision from a federal judge ruling that it is a security when sold to institutional investors. If crypto is a security or not has been the subject of many debates lately.

The ruling is a major victory for Ripple, even though the same judge ruled that Ripple is not a security when sold to retail investors. Nevertheless, Ripple’s price bounced from its long-term consolidation area, up over 30% in one single day.

For technical traders, the question is whether the higher spike is enough to break the bearish trend. As it turns out, bulls will have to push some more for Ripple’s bearish trend to end.

Ripple chart by TradingView

Ripple should trade above parity with the US dollar for the bearish bias to end

Despite the spike higher, Ripple’s price remains under pressure unless it manages to climb above parity with the US dollar.

In other words, it remains sensitive to US dollar news, and any dollar strength should result in Ripple giving up more of its recent games.

However, it would all change if the market climbs above parity. This area has provided resistance since the start of 2022 and still does – after all, it contained the price action following last week’s news.

The good part for bulls is that breakout came at the end of a bullish triangle. The said triangle acted as a reversal pattern, and triangles like these usually appear at the end of bearish trends.

All in all, the bias remains bearish unless more strength leads to Ripple trading above parity. Until then, look for US dollar news to drive the price action.

The post Ripple technical analysis update following last week’s landmark federal ruling appeared first on CoinJournal.