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Binance Coin Continues Its Rallies as Bulls Gain More Grounds



Aug 09, 2020 at 10:23 // News

Binance Coin has moved upward

BNB has been making a consistent upward move despite the recent retracements. Interestingly, the crypto has reached another high of $23.50 but the coin is in the overpriced region.

Sellers emerged to push prices downward. The coin retraced to $22 low and resumed an upward move. Today, BNB has moved upward and has reached the $23.00 resistance zone. 

For BNB to continue its upward move, the price has to break the resistance at $23 and $23.50. Today, price is testing the $23 resistance to break above it. The next target of BNB is the $26 high if price rebounds and breaks the resistance at $23 and $23.50. BNB will be compelled to a sideways move if buyers fail to push the coin above the resistance. The market may be range-bound between $22.50 and $23.50.   

Binance Coin indicator reading 

The price is attempting to break above the support of the ascending channel. If price breaks and closes above the support line, the uptrend will resume. BNB is at level 69 of the RSI period 14. The market is in the uptrend zone and likely to rise.

BNB-CoinIdol (1).png

What is the next direction for BNB/USD?

Today, BNB is still testing $23 resistance to break above it. Meanwhile, in the August 5 uptrend, a red candle body tested the 0.786 Fibonacci retracement level. It indicates that BNB will rise to reach the 1.272 Fibonacci extension level. At that level, price will reverse and return to 0.786 Fibonacci retracement where it originated. In other words, BNB will reach $26.5 and later drop to $22.50 low.

BNB-CoinIdol(2 Chart).png

Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.



UBS Gold Price Prediction Buoys Mid-Term Bitcoin Bull Case



UBS, a top-two investment bank in Switzerland after Credit Suisse, has a bullish outlook on gold. In the medium term, the improving sentiment around the precious metal could buoy the bull case of Bitcoin (BTC).

Many high-net-worth investors within the cryptocurrency space describe Bitcoin as gold 2.0. Billionaire investors the Winklevoss twins have consistently said they believe BTC is a better store of value than gold.

bitcoin price

The monthly chart of Bitcoin dating back to 2015. Source: XBTUSD on

According to the data from Skew, the correlation between BTC and gold has also increased significantly since April.

Why is UBS So Bullish on Gold and Could Sentiment Spill Over to Bitcoin?

UBS head of Asean global markets Yeoh Choo Guan said the bank expects gold to stay between $1,850 to $2,100 in 2021. 

Gold has increased by 29% year-to-date, and a prediction of a 7.5% rally for an asset like gold is a bullish projection. Guan said:

“We are very bullish on gold. We think that the prices will go higher and what is interesting is we think it will stay higher for longer than expected.”

Atop its technical momentum, Guan noted that gold is becoming an “attractive portfolio diversifier.” It has historically acted as a robust safe-haven asset, but its increasing price in recent months has made it more compelling.

The risk of inflation in the medium term emerging from the Federal Reserve’s average inflation policy could also fuel the uptrend of gold.

If gold continues to see strengthened momentum, it could potentially spill over to Bitcoin. 

Data from Skew shows that the realized correlation between BTC and gold is at a multi-year high. The one-month correlation reached 74%, a level it has not seen for years.

gold bitcoin

The correlation between Bitcoin and gold. Source:

The bulk purchase of Bitcoin by MicroStrategy and the continuously increasing assets under management (AUM) of Grayscale indicate more institutions consider BTC as a store of value.

The Longer-Term Bull Case For BTC

Over the long term, long-time Bitcoin investors, like Tyler Winklevoss, foresees BTC eventually reaching $500,000.

In a paper entitled “The Case for $500K Bitcoin,” Winklevoss wrote:

“Bitcoin has already made significant ground on gold — going from whitepaper to over $200 billion in market capitalization in under a decade. Today, the market capitalization of above-ground gold is conservatively $9 trillion. If we are right about using a gold framework to value bitcoin, and bitcoin continues on this path, then the bull case scenario for bitcoin is that it is undervalued by a multiple of 45.”

The medium-term bullish predictions for BTC revolve around the post-halving cycle and the bullish trend of gold. The long-term bull cases for BTC are based on the expectations that BTC could reach parity with gold.

Currently, the market capitalization of Bitcoin hovers at around $202 billion, which is less than 2.25% of gold’s valuation at $9 trillion.


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Uniswap (UNI) price jumps 135% to $6.00 highs



UNI/USD price has touched highs of $6.00 as total value locked jumps to $1.40 billion.

UNI/USD has touched highs of $6.08 on Coinbase, despite fears that airdropping over $1,500 worth of UNI tokens to users would see users looking to cash in on the goodies dump prices. Instead, investors are now eyeing higher gains, with analysts forecasting Uniswap’s governance token could be the driving force behind a new DeFi craze.

If dump happens, support lies around $4.20-$4.50 and crucially above $3.00.

UNI/USD price

Looking at the charts, UNI/USD is trending overbought with the RSI still rising to suggest a correction is likely. The MACD is also fully extended, to suggest holding prices above $5.00 could help bulls hold the advantage.

However, if a downward materializes, the critical support zones will be $4.20-$4.50 and below that, $3.00 that forms the entry point on the upswing to $6.00. Many holders are likely not to sell beyond this level.

UNI/USD price on Coinbase. Source: TradingView

Uniswap in top 25 by market cap

On September 17th, Uniswap announced it would airdrop 400 UNI tokens for every address that had called the network by September 1st. Immediately, more than 29.9k wallets claimed the new tokens.

At the time, UNI/USD was trading around $3.00. In the past 12 hours, UNI/USD has surged with a series of higher highs and higher lows as more Uniswap users continue to claim their free tokens. Per data on Etherscan, 77,451 addresses have claimed their 400 tokens with total transactions reaching over 336,500 as of writing.

Uniswap is now ranked as the 25th largest cryptocurrency in the market, with a market capitalization of $915 million and over $2.9 billion in intraday trading volume. The token is also listed on major cryptocurrency exchanges, including Coinbase, Binance, Huobi Global, FTX, and WazirX. There are also more than 60 trading pairs.

According to data on CoinMarketCap, UNI/USD changed 215% in the first 24 hours after its launch. The token is trading more than 135% up on the day, jumping to hit highs of $6.00 in the early market sessions on September 18th. The momentum has cooled, but the upside remains and higher gains cannot be ruled out.

Uniswap tops of DeFi

The total value locked in decentralized finance protocols has hit $9.01 billion, with the value of assets locked in Uniswap surging more than 81% in the past 24 hours to account for over 15% and top the leaderboard.

Total value locked in Uniswap has jumped to $1.40 billion. Source: DeFi Pulse

Uniswap has climbed to the top with $1.40 billion in total value locked, ahead of Aave with $1.35 billion and Maker with $1.15 billion according to data from DeFi Pulse.


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Libra Association announces Blockchain Capital as the latest governance member 

Blockchain Capital has joined the Libra Association as the project’s governance member. The investment firm will participate in the project’s decision making. The association recently appointed ex HSBC official, James Emmett. Libra Association, the now-independent member organization overseeing the Facebook-planned Libra token development, is notably becoming active on its mission in the recent days. On […]



  • Blockchain Capital has joined the Libra Association as the project’s governance member.
  • The investment firm will participate in the project’s decision making.
  • The association recently appointed ex HSBC official, James Emmett.

Libra Association, the now-independent member organization overseeing the Facebook-planned Libra token development, is notably becoming active on its mission in the recent days. On Thursday, the non-profit association onboarded an ex HSBC official to lead the initiative forward. Today, it announced Blockchain Capital as its newest governance member.

Blockchain Capital joins Libra Association

The development was confirmed in a press statement published by the association on Friday. Going forward, Blockchain Capital, as a governance member, will participate in the key decision making for the development of both the Libra network and its Reserve. Specifically, the association noted that the company will recommend better ways to ensure the creation of the long-planned Libra payment system.

Also, the Vice Chairman of the Libra Association, Dante Disparte, said:

As a member of the Libra Association, Blockchain Capital brings deep industry insight and a dynamic network of supporters as we work on building a blockchain-based payment system that supports responsible financial services innovation.

Libra project is gaining more ground

Blockchain Capital, the newest governance member of the Libra Association, is notably one of the long-standing investment companies in the cryptocurrency and blockchain ecosystem. The venture capital firm has funded more than 80 industry companies, since its inception seven years ago. It reportedly holds investments in digital currency exchange, Coinbase, and Ripple.

Last year, may people had assumed that the Libra project would die-off as several prominent companies like Mastercard, PayPal, etc., began withdrawing from the association suddenly. However, the organization vowed to remain even with 21 company members then. Fast forward to today, the association seems stronger. It recently welcomed three new members, as Cryptopolitan reported.

Meanwhile, the organization has appointed the former HSBC top official, James Emmett, as the managing director of Libra Networks LLC, a company operating under the association. Emmett is to work towards the enhancement of “financial innovation and inclusion and to deliver the operationalization of the network.”

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