• Binance have recently launched a funding platform on their service.
• The market has recently reached support at $5.48.
• Support moving forward — $5.48, $5.16, $5.00, $4.71, $4.60, $4.43, $4.19.
• Resistance moving forward — $5.80, $6.00, $6.37, $6.57, $6.73, $7.06, $7.35.

Latest Binance News

Binance has recently announced a new platform for projects to gain exposure and funding, which has been named the Binance Launch Pad.

The Binance Launch Pad was officially released on January 4, and users can now begin buying tokens on their first 2 projects, the Bittorrent Token and the Fetch:AI Token. The platform also offers a full advisory service, so that projects can take advantage of the wealth of expertise and experience that the Binance team have amassed over time.

Projects will undergo a rigorous review process via the Binance team to be sure that the projects can pass the standards according to Binance. The Launch Pad is looking for projects that are at a mature stage of development and ready for large-scale adoption. They also are looking for strong and committed teams within the project that have the potential to benefit the wider crypto ecosystem. After a project passes, the review process it is then sent to the Launch Pad.

Binance users can login to the Launch Pad page, take a look at projects on offer, and decide whether they wish to participate and buy the tokens. After the funding round is over, the user will be credited with the tokens in their Binance accounts.

In other Binance news, their first ever Blockchain Week is approaching, scheduled for January 19-22. Held in Singapore, the conference focuses on the sustainable growth of the blockchain ecosystem. It will consist of a 2-day hackathon followed by a 2-day conference.

There are over 50 speakers at the conference, with some huge names in the industry including: Changpeng Zhao (Binance CEO), Da Hongfei (CEO NEO), Yoni Asia (eToro CEO), and Justin Sun (Tron Founder).

Let us continue to take a look at the BNB/USD market and proceed to highlight any potential areas of support and resistance moving forward.

BNB Price Analysis

Binance has seen a small price decline, totaling 3.37% over the past 24 hours of trading, as the token is now exchanging hands at a price around $5.62. The cryptocurrency has seen a further price drop, totaling -8.49% over the past 7 trading days, but is up over the month by a total of 21%.

Binance is now ranked in 13th position as the token presently holds a total market cap value of around $754 million. The 18-month-old token is now trading at a value that is 76% lower than the all-time high price.

BNB/USD — 4HR CHART — SHORT TERM

Taking a look at the BNB/USD 4HR chart above, we can see that after the market rebounded at the December 2018 low at the long-term .886 Fibonacci Retracement level (drawn in black) priced at $4.19, the market went on to rise substantially.

Toward the end of December, it met resistance at the bearish .382 Fibonacci Retracement level (drawn in orange) priced at $6.37, and went on to retrace to a low of $5.16. However, as the new year began, the market continued to rally once again, and reached a high around the $6.85 mark.

After reaching this high, price action for BNB/USD rolled over and found support recently at the short-term .5 Fibonacci Retracement level (drawn in green) priced at $5.48.

TREND — NEUTRAL

The market is currently trading within the retracement of the previous swing leg up. If BNB/USD breaks below $5.00, we can consider this market to be bearish. If it breaks back above $6.00, we can consider the market to be bullish in the short term.

Where is the resistance located above the market?

If the bulls begin to regroup their efforts and push price action higher, we can expect immediate resistance toward the upside to be located at the short-term .382 Fibonacci Retracement level (drawn in green) priced at $5.80. If the bulls can continue to break above the $6.00 handle, we can then expect further resistance above to be located at the bearish .382 Fibonacci Retracement level (drawn in orange) priced at $6.37.

If the bulls persist to push price action higher for BNB/USD, we can expect more resistance at the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $6.57 and $6.73, respectively.

If the buyers can continue to climb above the 2018 high at $6.85, we can expect higher resistance to then be located at the bearish .5 Fibonacci Retracement level (drawn in orange) priced at $7.06, followed by more resistance at the medium-termed 1.414 Fibonacci Extension level (drawn in purple) priced at $7.35.

Where is the support beneath the market?

Alternatively, if the sellers begin to drive price action lower again, we can expect immediate support toward the downside to be located at the short term .5 Fibonacci Retracement level (drawn in green) priced at $5.48.

Further support below this level can then be located at the short-term .618 and .786 Fibonacci Retracement levels (drawn in green) priced at $5.16 and and $4.71, respectively.

If selling pressure continues to drive price action lower, more support will be located at the previous long-term downside 1.618 Fibonacci Extension level (drawn in blue) priced at $4.60, followed by the long-term .886 Fibonacci Retracement level (drawn in black) priced at $4.19.

Conclusion

The recent Binance Launch Pad platform is a great way for projects to gain exposure and funding. It will also help for investors to be protected from “scam’’ projects, as all projects will go through Binance’s review process.