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BNB Could Retest $30 Due to the Double LaunchPad/Pool Event By Binance

Quick take:

  • Binance is carrying out a one of kind crowdfunding event that fuses its Launchpool and Launchpad platforms
  • Beginning today, BNB holders can participate in the ALPHA token sale 
  • They can also stake their BNB, BUSD or BAND on the Binance Launchpool to earn ALPHA
  • Binance Coin (BNB) stands to benefit from the double launchpad and Launchpool event and could retest $30

The team at Binance has launched a one of a kind event in which DeFi investors can participate in a Launchpad token sale and Launchpool farming for Alpha Finance (ALPHA).

Lock Up Binance Coin (BNB) for the Token Sale Lottery

Beginning today, September 30th, investors can follow the traditional route of locking their Binance Coin (BNB) on the Launchpad platform in a bid to win tickets for the ALPHA token sale. BNB balances will be recorded from today 0:00 UTC to October 8th 0:00 UTC. The final BNB tally will be determined by finding the average holdings of the 8 days.

Stake BNB, BUSD and BAND to Farm ALPHA Tokens

Furthermore, DeFi investors can also opt to earn their ALPHA tokens by staking their Binance Coin (BNB), BUSD and BAND on the Launchpool platform. The event will also begin today at 0:00 UTC.

Alpha Finance to be Listed into the Innovation Zone

Due to the high-risk nature of DeFi projects, Binance will list ALPHA into their Innovation zone on 10th October, 5:00 am UTC. The Binance innovation zone is a dedicated trading area for users who understand the nature of new, and innovative tokens that have a tendency of being highly volatile.

Alpha Finance (ALPHA) is a DeFi lending protocol built on the Binance Smart Chain.

Binance Coin (BNB) Could Retest $30 Due to the Double Event

Further analyzing the possible market effect of the double Lanchpad and Launchpool event on Binance, it can be concluded that Binance Coin will benefit positively from the activities of locking up and staking BNB. A quick glance at the daily BNB/USDT chart reveals that Binance Coin has been exhibiting bullish momentum from around September 25th.

From the daily chart above, the following can also be observed.

  • Binance Coin is in bullish territory above the 50-day, 100-day and 200-day moving averages
  • Trade volume has been in the green since the 25th of this month
  • The daily MACD has crossed in a bullish manner above the baseline with today’s histogram being a green one
  • The daily MFI is in neutral territory at 51
  • BNB has short term resistances at $28.80, $29, $29.50 and $30
  • Binance Coin’s monthly close is also a few hours away and it looks to be a green September for BNB

However, traders and investors are advised that Bitcoin’s monthly and quarterly close is also today and the crypto markets might be a bit choppy for the next few hours till the new month of October.

As with all analyses of Binance Coin, traders and investors are advised to use stop losses and low leverage when trading BNB on the various derivatives platforms.

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