Changpeng Zhao-led cryptocurrency exchange, Binance is almost always under the crypto spotlight following the numerous developments in its ecosystem. The exchange seems to be heading towards global expansion as it recently launched its American exclusive trading platform, Binance.US. Binance’s latest announcement also hints at the same as the exchange revealed the launch of a P2P trading functionality which allows users to trade cryptocurrencies against the Chinese Yuan [CNY].
Binance through its official Twitter handle shared the development with the community. The tweet read,
— Binance (@binance) October 9, 2019
As per Binance’s official blog post, the exchange has introduced a P2P trading functionality that permitted users to trade Bitcoin [BTC], Ether [ETH] and Tether [USDT] against the Chinese Yuan[CNY]. At present, the latest feature is available to Andriod users only, particularly those who have registered accounts for more than 30 days. Furthermore, Web interface and iOS users will also be provided with the feature in the future.
With the release of a fiat-to-crypto Over the Counter [OTC] trading platform the Malta-based exchange stepped into the Chinese cryptocurrency market. Previously in September, the exchange had executed a strategic investment in Chinese media and data source firm, Mars Finance.
Apart from China and the United States, Binance made its way into the EU through the launch of a fiat-to-crypto exchange in Jersey. Binance’s British pound-backed stablecoin, Binance GBP [BGBP] is also a part of Binance Jersey.
At press time, Binance’s native cryptocurrency, BNB which currently stands as the eighth-largest cryptocurrency by market cap had witnessed a massive increase of 5.92% its price over the last 24 hours, further taking the coin’s price to $17.
Litecoin’s ailing price prepares for breach of descending channel
Litecoin noted a sharp fall on 15 November, a fall that caused its price to fall from $59.97 to $55.63. This 7.24% fall was followed by the price of the coin climbing up. However, it fell soon after the rise. The price of Litecoin at the time of writing hovered at around $58.07 with a market cap of 3.75 billion, while noting a trading volume of $2.90 billion.
Despite the falling price, however, Litecoin noted the formation of a bullish pattern that might provide a boost to its price.
The hourly chart for Litecoin [LTC] saw a descending channel extending along with the falling price. The pattern, characterized by two sloping trend lines, marked the lower highs of LTC at $60.26, $59.16, and $59.03 and lower lows at $59.38, $58.94, and $58.53. As the price remained constricted within the downward trend, a breach in the pattern might lead to the price of LTC surging.
The 50-day moving average underwent a crossover with the 100-day moving average, indicating a bullish move. The 100-day moving average dominated the LTC market for over five days and the coin lost 4.08% of its value. However, with the 50-day MA leading the charge, an upward surge might be coming soon.
The MACD indicator noted strong bearish momentum in the market, as the MACD line remained dormant under the signal line. On the other hand, the Relative Strength Index highlighted a change in tides as the signal line bounced back from the oversold zone and was pointing up.
Litecoin’s falling price might find respite with a breach of the descending channel. However, the coin might undergo further devaluation before it could note a spike.