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Binance lowers fee structure after 2019 BNB price rally

Samson Ononeme | Jun. 13, 2019
Binance lowers fee structure after 2019 BNB price rally

Major cryptocurrency exchange, Binance lowers fee structure after 2019 BNB price rally. This announcement was made in a blog post published on June 12.

June 13, 2019, | AtoZ MarketsOne of the fastest growing crypto exchanges over the past year, Binance, announced its intention to lower fee structure after it has experienced a massive 2019 BNB price rally.

Crypto exchange Binance lowers fee structure

Due to the significant market valuation increase that BNB has experienced in the last couple of months, the chain validators approved to lower the fee structure on Binance Chain by 50 percent. The update can be observed on the proposed transaction and will include: cancel, order expire, IOC, transfer, multi-send, issue asset, burn asset, freeze and unfreeze asset, mint asset, proposal, add the deposit, and list fees.

Following the announcement, Binance Coin surged approximately 6.50 percent from $31.80 to $33.90. BNB has outperformed the majority of the top cryptocurrencies in the market and is only $2 away from reaching an all-time high, at the time of writing.

2019 BNB price rally sees exponential growth

Binance coin price declined sharply on 7th May to $19.5 after it traded at $24.25 mark, which is the lowest since mid of April. Such a significant drop in price could have been due to Binance hack, which happened on the same date. BNB coin price traded at $6 level at the start of 2019. It is worthy of note that the price of BNB coin saw a massive surge of 350 percent when it rose to the highest price since January 2018.

BNB trading volume has managed to remain consistently high during May 2019 as buyers continue their bullish momentum. Against Bitcoin, Binance coin price continued to rebound from the support of 0.00277 BTC which was provided by the 200-days EMA. 

The trading volume for the BNB/BTC pair also increased during May. It seems that the coin price regains its position together with its backing crypto exchange. At the time of writing, Binance coin remains in the 7th place amongst the top cryptocurrency projects by market cap as it currently holds a $4.9 billion market cap.

Binance coin (BNBUSD) technical analysis

Binance coin (BNB) is following the positive streak since last few months. At the time of writing, BNB is trading at $35.30 with a market cap of $4.98 billion according to cryptocompare stats. Looking at the monthly historical charts, the price of BNB has moved by $ 11.49 (48.26%) with a total volume of over $ 1.79 Million. The highest price, $ 36.25, was on 13 June 2019 at 09:00 GMT, whilst the lowest price, $ 22.85, was on 14 May 2019 at 21:00 GMT.

On the RSI (14) indicator, we can see that momentum has been reliably following a strong up trending level. Also, the price of BNB is increasing and is close to its all-time high range. Constant fluctuations in Binance coin price has been observed over time.

The resistance region lies around $37 mark and this crucial point is linked with the maximum price of the coin and is said to be the last region of resistance. Moreover, the ATR(14) indicator strongly signals that the BNB coin is highly volatile to trade now. However, I see an overall positive momentum which BNB coin might follow as soon as Bitcoin price is going up.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.