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CZ’s Binance Coin [BNB/BTC] close to breaching all-time highs; bulls take charge

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CZ 's Binance Coin [BNB/BTC] close to breaching all-time highs; bulls take charge
Source: Unsplash

Binance Coin [BNB] is performing stunningly considering the top 10 cryptocurrencies which are barely coping up with the correction after the recent rally. The BNB/BTC pair is almost at its previous all-time high, and breaching its all-time high is a matter of “when?” and not “if”.

Technicals

As seen below, the one-day chart shows how BNB coin is rallying without a stop, breaking two patterns [falling wedge and ascending channel pattern].

The falling wedge that was being formed was broken when the price slipped above the wedge pattern on December 3, 2018. This rally has been in continuation ever since the formation of the second pattern, ascending channel pattern.

The prices for BNB broke this channel on February 5, 2019, signaling a bullish move further ahead. The spike for BNB coin is continuing as it touches the BNB/BTC all-time high price which was formed in mid-2018.

The volume for BNB shows a phenomenal increase, supporting the rally to new all-time highs. The price of BNB/BTC is at 0.00264 BTC; the body of the new price candle has successfully breached the all-time highs.

However, the wick of the present price candle [that has not yet closed] at 0.0026862 BTC and is slightly lower than the wick of the all-time high [0.0026544 BTC].

The Relative Strength Index is also showing massively overbought indications as it is reaching the 80-line.

Sentiment

The BNB/BTC is very high, as people are excited about BNB’s pump. People are expecting the margin trading option to be implemented on the Binance exchange soon.

In addition to the above, CZ’s recent tweet can also be speculated as a reason for the rally.



@heyibinance, a Twitter user commented:

“the sun is always behind the storm. So is the coin price. #bitcoin #BNB”

@tommyp408 tweeted:

“I am holding BNB for at least 8 to 10 years so I don’t really care what the price is from month to month.
What matters is Binance continues to win more market share through innovations and provide top quality services to their customers. The price usually takes care of itself.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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