As the week is now officially halfway, there are still a lot of eyes on the different top markets first and foremost. While no real sense of weakness is detected as of right now, it would appear interesting shifts are happening nonetheless. The Binance Coin price has successfully surpassed the $20 mark, which will please a lot of traders accordingly.
Binance Coin Price Finally Breaks Through
Plenty of cryptocurrency traders have high hopes for Binance Coin. This native token of the Binance trading platform has made quite the impact in recent months. However, its price trend has not necessarily followed the path people were hoping for, as there have been some interesting setbacks along the way. Today, most of that negative momentum belongs to the past, as it appears BNB is pushing through resistance levels pretty quickly.
To be more specific, it has been a while since the Binance Coin price hit or surpassed $20. It seems this hurdle has been overcome in the end, although it has taken a significant amount of time to do so. Many people now believe BNB will surpass its all-time high of nearly $24.5 pretty soon, although that might be a bit optimistic. The current 4.86% gain to bring the value to $20.66 is pretty spectacular, and will undoubtedly trigger some market resistance as well.
The most recent price spurt has triggered a slew of expectations from BNB holders and speculators, as was to be expected. Homeless Bitcoiner hopes for a price of $100 or more, although that might not necessarily occur in the near future by any means. While it is evident the BNB/USD market is on fire, it will fall apart if Bitcoin decides to go through another bearish stint. This coming weekend may prove rather interesting in that regard.
#BNB See You at 100$ so I can get a home 🏠 https://t.co/x8ZqQZTWO9
— Symph (@h_bitcoiner) April 18, 2019
ScotsmanTrades is keeping a very close eye on how the charts are evolving right now. It seems there is an interesting correlation between the Bitcoin and Binance Coin charts right now, although it is difficult to determine where things will head next. If Bitcoin goes through a similar bullish breakout, a push to $10,000 could materialize a lot sooner than people expect. For now, this correlation needs to be taken with a few scoops of salt, as BNB can break out a lot easier than Bitcoin ever will.
https://twitter.com/ScotsmanTrades/status/1118768740789780480
While it doesn’t happen all that often Binance Coin gets its own memes on Twitter, it would appear things are a bit different today. Nikita Poymatov has shared a very nice meme to celebrate Binance Coin hitting $20 in such a decisive manner. Although it remains to be seen how long that value can remain in place, the current momentum seems very promising first and foremost.
https://twitter.com/Nikita_Poymatov/status/1118766014534234112
With all of this impressive momentum in place, one would expect Binance Coin to remain rather bullish for quite some time to come. However, these current gains may also trigger a lot of sell orders from traders simply taking profit and waiting for a drop to $18 or lower to buy back in. It is impossible to predict where this market will be headed next, as it can easily swing in either direction without much of an advance warning.
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