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It would appear most of the bearish crypto market pressure has been eradicated, for the time being. While there is still a long way to until major breakouts occur, it would seem no real damage is to be expected today. The Binance Coin price is still going strong today, as the $15 resistance level has been obliterated without any real problems.
Binance Coin Price Surge Continues to Intensify
The past few weeks have been pretty interesting for select cryptocurrency markets. While Bitcoin, Ethereum, and XRP have not necessarily noted any real changes, it would appear Binance Coin is following a completely different path. That in itself is rather commendable, although many people expected the token tied to the world’s leading crypto exchange to perform well. This recent 30-day trend, however, is pretty significant.
Even in the past 24 hours, the Binance Coin price noted a strong 14% gain in USD value. This pushes the price to $15.4. There is also a 13.3% increase over both Bitcoin and Ethereum. It has been a remarkable trend for BNB throughout 2019, especially when considering how all other markets have performed. Binance Coin also notes healthy trading volume with $234m in trades.
As was to be expected, this BNB price movement is making a lot of people rather nervous. As BenjaminBlunts points out, a lot of people are trying to call the top on Binance Coin and failing miserably. It remains to be seen how long this trend can be extended, yet the previous all-time high is coming within reach as of right now. That in itself shows the coming days and weeks will undoubtedly get very interesting.
lots of hate for CZ lately.
Everyone is trying to be a hero and call tops on $BNB, usually by people who missed the move altogether (usually the case).
My wave count is still incomplete and i would be very surprised if we didn't hit that horizontal resistance first #BNB pic.twitter.com/c5diYKV6z3
— 🌲BenjaminBlunts🌲 (@SmartContracter) March 7, 2019
When looking at the actual price chart for the past thirty days, it quickly becomes apparent the bull run is firmly in place. More specifically, the price rose from $7.8 on February 5th to $15.4 on March 7th. A remarkable turn of events, primarily because no other market has turned as bullish as BNB. Sustaining this trend should become a lot more difficult, although there are still no imminent signs of weakness.
It's really hard to tell how Binance is performing this year compared to other higher Market CAPs, maybe this short analysis indicates stable financial performance & only within a month the currency achieved gains up to 100% #BNB #cryptocurrency #Binance 💛💛 pic.twitter.com/puPfciMvuX
— محمد بوعباس (@Mohamadbuabbas) March 7, 2019
According to Crypto Leb, it seems rather unlikely anything positive will come of this in the coming days and weeks. This user expects Bitcoin to “start ripping” again, which usually doesn’t bode well for any of the alternative markets. Although the impact on BNB has yet to be determined at this point, it is very likely there will be some sort of blowback on Binance Coin when it happens.
Kudos to all who rode the #BNB rip train, what a trade!
However, a word of caution: Once #BTC starts ripping, expect a #BNB waterfall – which would be great for a short trade.
— Crypto Leb (@leb_crypto) March 7, 2019
Based on the current and recent BNB market momentum, it remains to be seen what the future will hold for Binance Coin. Although there is a chance this uptrend will be resumed, some resistance will begin forming pretty quickly. With a near 100% gain over the past month, a lot of traders will start taking profits fairly quickly. Once that happens, things will undoubtedly get very interesting for BNB holders and speculators.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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