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BNB maintains a downtrend. Here is the level(s) to watch

BNB maintains a downtrend. Here is the level(s) to watch

Binance has been granted a license to operate in Dubai Native token BNB is…

The post BNB maintains a downtrend. Here is the level(s) to watch appeared first on CoinJournal.

BNB maintains a downtrend. Here is the level(s) to watch
  • Binance has been granted a license to operate in Dubai

  • Native token BNB is trading at the $270 support

  • BNB faces further decline if recovery stalls as bearish signals emerge

Binance BNB/USD continues to struggle despite gaining slightly on Thursday. The decline reflects macro concerns amid a rate hike by the Federal Reserve on Wednesday. As with most exchange-linked tokens, a dampened sentiment is hitting the price. The decline can be attributed to a fall in trading volumes.

BNB is, however, not the biggest loser in the market, as it trades just 2.13% in the past one week. The cryptocurrency trades at $270, compared to a high of $335 in mid-August. The decline was linked to profit-taking since BNB has an established resistance at $335.

On the positive side, Binance obtained a Minimal Viable Product license in Dubai on Tuesday. The license allows the crypto exchange to offer various digital asset services to investors in the country. Binance will also utilize the local banking channels, enabling it to expand digital money services. The latest development happened after Binance was granted a provisional license in March for an office in the UAE.

BNB entangled between a bearish trendline and support

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BNB has been trading on a bearish trendline since the August high. The token is now trading at a support of $270, making it an important zone for buyers.

Source – TradingView

BNB is recovering after touching the support. However, we remain cautious of price recovery at the current level. BNB formed a bearish pin bar at the support, in line with the month’s-long downtrend. The moving averages are also bearish on the token.

An RSI reading of 44 suggests that we are yet to enter the oversold zone for BNB. Should the token fail recovery at the current level, the next support is at $244.

Summary

BNB may continue with the downtrend if it fails to recover at $270. The token may settle at $244 as sentiment remains weak.

The post BNB maintains a downtrend. Here is the level(s) to watch appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

Telco giant Deutsche Telekom launches Ethereum validator

Deutsche Telekom will run an Ethereum validator node via its subsidiary T-Systems Multimedia Solutions…

The post Telco giant Deutsche Telekom launches Ethereum validator appeared first on CoinJournal.

  • Deutsche Telekom will run an Ethereum validator node via its subsidiary T-Systems Multimedia Solutions and has also partnered liquid staking pools provider StakeWise.

German telecom giant Deutsche Telekom has announced support for the Ethereum network, revealing plans to run a validator node on the world’s largest proof-of-stake (PoS) blockchain.

An announcement from the telecommunications giant on Thursday stated that the company move is part of its wider objective of expanding its activities across the blockchain technology and crypto ecosystem.

Deutsche Telekom joins Ethereum staking

According to Deutsche Telekom, its validation infrastructure will be handled by its subsidiary, T-Systems Multimedia Solutions (T-Systems MMS). T-Systems MMS will thus operate a validator node on Ethereum, taking part in the network’s staking mechanism.

Deutsche Telekom also announced that its subsidiary would be partnering liquid staking pools provider Stake Wise, this marking the telco’s entry into liquid staking. 

The StakeWise app allows ETH holders to participate in network validation without having to operate a validator node themselves. This in turn lowers the entry barrier for anyone looking to invest in the cryptocurrency.

After collaborating with Flow, Celo and Polkadot, we are now taking the next decisive step in the blockchain world and are doing pioneering work here with Ethereum. As a node operator, our entry into liquid staking and the close collaboration with a DAO is a novelty for Deutsche Telekom,” said Dirk Röder, Head of Blockchain Solutions Center at T-Systems MMS.

The German telco behemoth’s move comes a few weeks after Ethereum successfully transitioned from the proof-of-work mechanism used on the Bitcoin network.

The Merge, as the Ethereum software upgrade that ushered in the PoS mechanism was called, is set to see energy consumption for Ethereum fall by 99.95% – making the blockchain a more eco-friendly network.

The post Telco giant Deutsche Telekom launches Ethereum validator appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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