Some people will say the cryptocurrency markets are all entering the overbought state. Others will say this uptrend was overdue and will become even more violent moving forward. As far as the Binance Con price is concerned, there is no uptrend visible as of right now. In fact, it is the only market in the top 10 to note any losses at this time.
Binance Coin Price Trend Remains Bearish
It is not uncommon for altcoins, tokens, and assets to struggle when Bitcoin remains very bullish for quite some time. Although some people still have high hopes for Binance Coin, the token simply cannot “hang” with the top markets at this time. It is losing value across the board, as the losses continue to pile up in very quick succession. A somewhat surprising trend, although this uptrend had to end sooner or later.
To be more specific, the Binance Coin price has dropped by 2.57% to $19.17. The more worrisome aspect is the 10% loss in BTC value and 11.3% loss over Ethereum. It is normal for altcoins to lose BTC value during this time, but BNB is clearly in a different league. Traders will not be happy with the way things re going, yet the current trading volume mainly represents sales rather than buys.
The sentiment toward Binance Coin on social media is not looking all that great either. CryptoKop expects BNB to settle soon in BTC value, but it seems unlikely a decisive floor will be reached in the near future. This downward spiral is a sign of how BNB simply gained too much value in quick succession. A correction now and then is healthy, albeit not everyone will see it that way.
#BNB showing weakness against BTC. Down 10%. Better settle soon when BTC finds its price.
— CryptoKop 🇳🇱 (@CryptoKop) April 3, 2019
Sam, on the other hand, struggles to make sense of what is happening to Binance Coin at this time. It is an unexpected trend for most holders, although everyone who knows how these markets work will acknowledge this was to be expected somewhat. As the USD-based losses continue to pile up in quick succession, it will be difficult to predict where things will head in a few hours from now.
https://twitter.com/SarmidFaraj/status/1113512872271704064
For those who look at the BBN chart, the uptrend is seemingly still in place. Given how this uptrend started in October of 2018, it seems things are not necessarily slowing down. This could be an indicator of how this current downtrend is a mere setback which will come to an end eventually. Even so, a hyperbolic chart is equally possible at this time.
BNBの上昇が凄いことになってますね。
取引所tokenは資産価値が出てきそうな予感がします。#BNB #BTC #ETH pic.twitter.com/VrIRuouM4r— K.J (@ko_ji11) April 3, 2019
As is always the case in this rather unique industry, everything needs to be taken in stride and put in perspective. While Binance Coin is not performing as expected, there is no real reason to panic either. Traders who had hoped to gain more BTC in quick succession will not be too happy with the way things are going, but that is the way this industry works. Things can look very different tomorrow morning, for all one knows.
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.
Image(s): Shutterstock.com