Binance Coin (BNB) Could Retest $19 on Prospects of a New IEO

The CEO of Binance, Changpeng Zhao, has hinted on the possibility of a new IEO crowdfunding event via the Binance Launchpad. Mr. Zhao made these comments via Twitter where he explained that the team at Binance was reviewing a few strong projects and that a decision on which will grace the IEO platform will be announced soon. The tweet by CZ can be found below.

On this beautiful Sunday, our team and I just reviewed a few strong candidates for the next LaunchPad project. It’s taken a while since the last one, but good things are worth the wait. Coming real soon. 👀👍

— CZ Binance (@cz_binance) July 19, 2020

Binance Coin (BNB) Could Retest $19 on News of an IEO

The last IEO crowdfunding event on the Binance Launchpad was Cartesi (CTSI) which was held on the 22nd of April this year. To note is that IEO events on the Binance Launchpad only accept Binance Coin (BNB) as the choice digital asset for participation.

This means that eventual investors of the IEO in the pipeline will soon start accumulating Binance Coin (BNB) to claim their tickets for the crowdfunding event. Additionally, savvy traders who trade based on major crypto events, will ride along and place BNB long positions.

Taking a look at the daily Binance Coin (BNB/USDT) chart courtesy of Tradingview, the following can be observed.

• Trade volume is in the green indicating that buying of Binance Coin has already begun.
• Immediately after CZ’s tweet, Binance Coin reversed the pullback and went as high as $17.98 on the news.
• The daily MACD indicates slight bullishness above the baseline negating what looked like a pullback.
• MFI has turned bullish at 60.
• Binance Coin’s current price at $17.84 is above the 50-day, 100-day and 200-day moving averages thus indicating a bullish environment.
• $19 was the local peak for Binance Coin due to the 3-year Binance anniversary event and the recently concluded Coin burn.
• Binance Coin could gather enough momentum to retest $19 as details of the IEO emerge.

As with all technical analyses of Binance Coin, traders and investors are advised to place adequate stop losses to protect their trading capital. Furthermore, keeping an eye out for sudden Bitcoin moves is advised as BTC tends to dictate the direction of the crypto markets.

Source: ethereumworldnews.com