Category: Price Watch

KuCoin listed Binance’s native cryptocurrency Binance Coin, with India-based Bitbns following suit, making BNB accessible to another 1.3 billion people.

Binance Coin reaches a broader audience

In a blog post, KuCoin, a Singapore-based cryptocurrency exchange, announced that it will support the projects running on Binance Chain and list Binance Coin (BNB) in order to meet its users’ demands for new blockchain technologies.

Deposits and trading against Bitcoin and Tether became available on the platform as of June 19, but withdrawals will go live on June 21.

According to Michael Gan, CEO of KuCoin, the listing of Binance Coin goes alongside the firm’s mission to support promising blockchains and push the mass adoption of blockchain technology.

The initiative was well received by Changpeng Zhao, CEO of Binance, who emphasized that now BNB will be available to investors from a new region that his company had not been able to service before.

Following KuCoin’s steps, Bitbns, one of the newest exchanges in India, also announced that it will support Binance Coin. Although trading and withdrawals are not available yet, Bitbns customers can now deposit the tokens into the exchange.

Zhao took to Twitter to express that the listing will make Binance Coin accessible to another 1.37 billion people.

At press time, the price of BNB did not appear to respond to the news.

BNB Technical Analysis

On the 1-day chart, there is a bearish divergence forming since the price of BNB has been reaching higher highs while the Relative Strength Index has been making new lows. This bearish pattern does not provide a precise selling point, but it could be signaling that the bullish momentum that this cryptocurrency has gone through could soon change in direction.

The TD Sequential Indicator also gave a sell signal with a sequential thirteen candlestick. If Binance Coin was indeed poised to retrace, a move below the 7-day moving average could be used as a confirmation point. Breaking below this moving average could take BNB down to test the 50 or the 100-day moving averages,  sitting at $30 and $25, respectively.

However, it is likely that volume will start picking up given the listings on KuCoin and Bitbns, which exposes the token to a broader range of investors. If BNB moves above the recent high of $36.40, the bullish trend will continue.

BNB/USDT TradingView Price Chart
BNB/USDT chart by TradingView

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