It has been a very interesting weekend for all cryptocurrencies, albeit the end result is not necessarily what traders expected. Most of the markets are currently in the green again, yet it seems the bearish pressure will not relent just yet. As far as the Binance Coin price is concerned, it would appear the current uptrend may not remain in place for too much longer.
Binance Coin Price Shows Signs of Reversing
When a new week comes around and Bitcoin is still in the green, there is plenty of reason to be cautiously optimistic. However, that doesn’t necessarily mean all of the alternative markets will go through similar momentum. More often than not, a positive Bitcoin trend is nefast for altcoins, albeit things are not looking too bad right now. Binance Coin still notes some gains, although it will dip in the red fairly quickly at this rate.
To be more specific, the Binance Coin price currently sits at $19.5. This represents a 2.37% increase in USD value, which is more than acceptable under the current market circumstances. The bigger concern is how BNB is already in the red over Ether, and the 0.52% gain over Bitcoin might not remain in place for much longer either. Mondays are known for their overall volatility, thus this trend is not entirely surprising either.
On social media, it would appear as if there is some additional information regarding Binance’s BNB burn. As most users are aware of, BNB coins are burned every single quarter, although the amount is not necessarily communicated in advance. As such, users can now predict how many tokens will be destroyed in the coming weeks. This burn phase will help reduce the overall supply, thus potentially trigger a Binance Coin value change in the process.
It's starting to get hot in here!🔥🔥🔥
— Binance (@binance) April 14, 2019
There is also another interesting tidbit of information which no one can refute. As Chuck Costellos shows, there is a genuine rate of engagement regarding Binance Coin. While these statistics are never indicative of what a project may be all about in the long run or how its price will evolve, it would appear people enjoy talking about BNB regardless. Whether or not this will aid in the push to $20, is a different matter altogether.
— Chuck Costellos (@ChuckCostellos) April 15, 2019
Speaking of the current and future BNB price, it would appear the current chart doesn’t necessarily look too appealing either. As the latest push has not been officially confirmed, it would appear a downtrend is in order. This is in line with the current BNB value decline in ETH value, with its BTC value likely to follow pretty quickly. How dire things will get, remains to be determined, but for now, it seems the uptrend has come to an end.
— 金のがちょまる🐥🐥《XRP命》 (@MrBitcoin17) April 15, 2019
When looking at the bigger picture, a trend established on Monday morning isn’t necessarily indicative of what this week will bring to the table. Considering how all cryptocurrencies rely on Bitcoin first and foremost, there will always be some volatility. Binance Coin will not be able to escape this negative trend at this time, although it seems unlikely any major changes should be expected.
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.