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!

Guess how many $BNB we will be burning for Q1 2019? The person with the closest answer will win a #Binance hoodie!

Wondering what a coin burn is? Check out @BinanceAcademy‘s awesome video! https://t.co/GO4QRkDsFd pic.twitter.com/c1nicWvp8A

— 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.

One thing is sure! #BNB from @cz_binance is a popular token. Can’t wait to test the upcoming #BinanceDex and #BNB mainnet launch. pic.twitter.com/Os3BBX6AR7

— 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.

BNBちょっと無理してあげてる感じする。。。

上げた後に上げが続いてない。。。

短期的に下げ目線で間違いなさそう。

後は資金がどこに流れるかぴよ #BNB #仮想通貨 #ビットコイン pic.twitter.com/ms6wixwB5x

— 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.

Image(s): Shutterstock.com

The post Binance Coin Price Hits $19.5 but Bearish Pressure Intensifies appeared first on The Merkle Hash.

You may be interested

Donald Trump
shares8 views

If Trump Repeals Obamacare, He Owes US Taxpayers a $2 Trillion Refund

Brian Evans - Apr 21, 2019

By CCN: President Donald Trump’s Justice Department recently recommended that a federal appeals court strike down all of Obamacare. A petition has been filed with the U.S.…

Binance
shares10 views

Craig Wright Continues to Chase His Critics as Major Crypto Platforms Boycott His Cryptocurrency, BSV

Brian Evans - Apr 20, 2019

BSV has taken a massive slap from major market participants, but its founder, Craig Wright, continues his war against online critics, serving them with 100,000-British pound claims…

Alt coins
shares11 views

Tether Continues to Court Controversy as More Questions Emerge About Its Solvency

Brian Evans - Apr 20, 2019

The increasing public interest in cryptocurrency is drawing greater attention to stablecoins, and their potential to reduce the volatility that has come to define market values. Tether…

Most from this category

shares11 views

MonaCoin Price Pump Yields a 40% Gain

Brian Evans - Apr 20, 2019
shares11 views
%d bloggers like this: