Binance futures live as Binance Coin (BNB) price retreats
- Binance futures launch on Futures A platform with a 50% trading fee discount for three months.
- BNB/USD reverses the uptrend following a reaction to a rising wedge pattern.
The long-awaited Binance futures trading platform has gone live today. The launch has been expedited due “to an overwhelming response for Binance Futures since the beta launch on Wednesday.”
In a bid to encourage traders to join the platform. Binance is offering a 50% discount on Trading fees for a period of three months. The Futures A platform is able to support 100,000 orders per second with a 5 millisecond latency time. The user interface has been designed to match that of the advanced Binance exchange interface.
Binance Coin price update
Binance Coin reacted impressively following the above announcement. From a low formed at $19.66 on Thursday, the price ascended to brush shoulders with $21. Moreover, the trading on Friday pushed the BNB to $21.28 (intraday high) during the Asian trading hours.
Rising wedge pattern formation
Looking at the hourly chart for BNB/USD we see a reaction to a short-term rising wedge pattern. BNB has pierced the lower trendline and is likely to push the correction the immediate support at $20. Besides, the Stochastic RSI shows that the crypto is already oversold and primed for a reversal. Therefore, it is essential that the price stays above $20 to avoid dips below the recent lows at $19.66.
BNB/USD 1-hour chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
