Now that most of the bearish pressure has disappeared again, most of the cryptocurrency markets have begun noting small to medium-sized gains. While there is still a long way to go in this regard, it would appear the Binance Coin price is trying to move up swiftly. After successfully surpassing $17, the sky seems to be the limit.
Strong Binance Coin price Gains Materialize
This past week has not been the best for most cryptocurrencies, tokens, and altcoins. There has been some rather negative pressure on most markets, although no one knows why this occurred in the first place. Even Binance Coin went through a bit of a retrace in the process, although it appears most of those losses have been recovered already. As such, traders have high hopes for what may yet be to come.
In the past 24 hours, the Binance Coin price has gained 4.5% in USD, BTC, and ETH value alike. Because of these sudden gains, the BNB value now sits at $17.35, 0.00423 Bitcoin, or 0.1223 Ether. As such, it seems there may be further gains on the horizon, even though the overall trading volume isn’t necessarily looking that bad. With $201m in trades, there appears to be a genuine demand for BNB at this time, albeit that situation may come to change in the near future.
On social media, there has never been anything but excitement regarding Binance Coin. Simon Lovera de Leon isn’t too bothered by any negative comments either, as this user deems BNB to be the most profitable coin on the market as of right now. When half of one’s portfolio is made up of one currency, it has to perform as expected first and foremost. So far, it seems Binance Coin is performing as expected, although the all-time high is still well out of reach.
Those who are mainly interested in the current price chart may notice there is room for further upward potential. That doesn’t necessarily mean the price will keep going up from this point forward, although one never knows how individual crypto markets will evolve throughout the weekend. Binance Coin seems to be doing its own thing first and foremost, thus the remainder of the day could prove to be rather interesting.
BNB breaks out from its flag-like structure, almost revisiting ATH levels again
— Rekt Capital (@rektcapital) March 31, 2019
Klondike also has high expectations for Binance Coin throughout the day and over the course of next week. The uptrend appears to be in full effect as of right now, although there is always a chance the momentum will dissipate in quick succession. As is usually the case where technical analysis is concerned, it will only works every so often.
— Robert Mercer (@Robert_Klondike) March 31, 2019
When looking at the bigger picture, it seems the Binance Coin value is rising because of Bitcoin’s recovery. If the world’s leading cryptocurrency were to turn bearish again this weekend, one never knows how things will evolve as far as the alternative markets are concerned. For now, things are looking up for BNB, but no one should be chasing the top by any means.
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.