Binance Futures Launches BNB Perpetual Contracts With 50x Leverage and BNB Price Up to 18% In A Week

By AymT 02/7/20 1:56 PM

Binance has announced that they will soon be offering traders access to up to 50x leverage on the native token BNB. In the announcement, the company stated that the Binance Coin (BNB/USDT) perpetual contracts will begin trading on 10 Feb 2020 from 08:00 AM (UTC) and users will be able to select the leverage they want ranging from a minimum of 1x up to a maximum of 50x.

#BinanceFutures to Launch $BNB Futures Contracts with 50X Max Leverage

The BNB contract has been a highly-demanded product and will continue to grow the industry impact of #Binance‘s Futures trading platform.” – @AG_Binance https://t.co/fdMdXtLRyr

— Binance (@binance) February 7, 2020

Binance has started to take a precautionary measure in order to ensure that there would no market manipulation post the launch of the Futures product. The platform would be implementing a “pricing limit of ±1% on the mark price” within the first 15 minutes of post-trading. This move may have been a result of the exchange being drawn to the drastic price rise of certain cryptos, after announcing support for them on its platform.

Ex-TradingView COO Joins Binance as Director of Fiat

Iskander Malikov, a former chief operating officer at major trading chart analysis service TradingView, has joined Binance as the new director of fiat, the exchange announced Feb. 6.

After serving for over three years at TradingView, Malikov will be now focused on fiat-to-crypto channels in regions across Europe and the Commonwealth of Independent States (CIS). The former TradingView executive will primarily work on establishing new gateways as well as extending the existing ones within Binance’s key markets in the regions.

Additionally, Malikov will be exploring more methods to simplify fiat-to-crypto and crypto-to-fiat conversions, the announcement notes.

BNB Reaches November 2019 Highs

Over the past month, Binance Coin has risen by a total of 42% as the cryptocurrency rises back into resistance provided by the November 2019 highs.

The cryptocurrency started the year at a price of around $13 and started to surge much higher to break above the 100-days EMA at $17 and reach the 200-days EMA at $18.50.

It is important to highlight the clear ascending price channel that BNB has been trading within over the past 6-weeks of trading.

BNB struggled at the $200-days EMA during the rest of January, however, as February started to trade it quickly penetrated above as it broke above a 5-month old descending trend line to climb higher into the current resistance at $21.50.

If the bulls manage to break $21.50, the next level of resistance lies at $21.90 (1.618 Fib Extension). Above this, resistance lies at $22.70 (September high-day closing price), $23.60, and $25.

Alternatively, if the sellers push BNB lower, support can be found at $20.75 and $20. Beneath this, additional support lies at $18.50 (200-days EMA), $17.90 (.382 Fib Retracement), and $17.00 (100-days EMA).

The RSI has reached extremely overbought conditions which could suggest that the bulls might be overextended. If the RSI starts to point downward, this could be the first sign of a brief retracement toward $20.