Binance Coin (BNB) Grows 8.5% after Decentralized Exchange Demo Video Release

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Binance Coin on Wednesday surged as high as 8.5 percent against
the US Dollar after the company released a demo video of its
decentralized exchange.
The BNB/USD is now trading at 6.33-fiat, down 1.89% from its
intraday high at 6.45-fiat. The pair is moving inside a rising
wedge channel, a price wave reversal pattern. As it heads to a
completion – signified by depleting volume and price bouncing
inside the wedge range – BNB/USD is likely to break out of the
said channel to the downside. Considering a short trade when the
price breaks down the wedge support and try exiting long
positions to minimize potential losses. At the same time, consider
putting a stop loss order just above the most recent high as you
enter a short trade.

Other indicators are also pointing to a potential downside action.
On the 1H chart, the 50-period moving average has a lead over the
200-period moving average. At the same time, the RSI momentum
indicator is consolidating while staying inside a correction from
the overbought area. The Stochastic Oscillator, meanwhile, has
just overreached its upside target and should follow a remedial
course in the next few hours to the downside.
As a correction takes place, the BNB/USD is likely to find support
at 50-period SMA. An extended bearish action would allow the
pair to complete a head and shoulder pattern while eyeing 5.47-
fiat as the interim neckline.

DEX Demo Revealed
Binance has just released the video demo of its decentralized
exchange, dubbed Binance DEX. The recording also includes a
brief sneak-peak into Binance Chain which, according to the
project developers, would offer “low latency, high throughput
trading, as well as decentralized custody of funds.”
The combined prowess of a DEX and a public blockchain allows
BNB holders to speculate on a bright future of the Binance
platform. Binance Chain, in particular, expects to function like
Ethereum blockchain, which would enable projects to issue their
company tokens on the main chain. Overall, the development
leads to a binance-based ICO market of its own.

As for DEX, the platform looks and functions almost similar to
what Binance offers in its centralized version of trading. Except, it
allows users to generate a 24-word mnemonic seed phrase for
private keys, a “balance tab” to update users about their account
status, and a “user icon” that shows individual wallet addresses.
Binance is looking to release the DEX platform earlier next year.

Source : https://www.ccn.com