Binance Coin Price Resumes its Slightly Bearish Trend

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As the new week dawns upon the cryptocurrency industry, there are still a lot of unanswered questions. Whereas the top markets still look on wobbly legs, the Binance Coin price simply remains slightly bearish. The losses are not insurmountable by any means, yet one has to wonder when that push to $25 will be resumed.

Binance Coin Price Remains Below $23

Not too many people should be surprised to see Binance Coin is still in the red right now. As Bitcoin is still uncertain in which direction to head in, it is only normal the alternative markets show very similar momentum. Contrary to people’s expectations, BNB is – at this time – incapable of bucking the overall trend. That situation may remain in place for at least a few more hours to come, depending on what happens to Bitcoin.

To be more specific, the Binance Coin price is currently down by 092%, as it sits at $22.65. Still, a pretty decent value which is very close to the all-time high price. There are also losses over Bitcoin – 1.24% – and Ethereum – 0.6% – which don’t necessarily bode well for the future. Even so, the overall momentum seems to indicate this dip will be overcome eventually, albeit no one really knows when that will happen exactly.

On social media, there is a lot of focus on the BNB chart at this time. That won’t necessarily come as too much of a surprise, primarily because this market has allowed so many traders to make a lot of money in the past few months. Ekene Paul is convinced now is the time to buy the BNB dip, albeit he also acknowledges it may take days or weeks to rise in value. A somewhat honest outlook on how Binance Coin’s market trend looks right now

Mihir Naik, on the other hand, has no real confidence Binance Coin’s price will be moving up in a significant manner today. He likes what the four-hour chart offers, but the weekly indicators are still very weak or even downright bearish. Unless today proves to be a good day overall, there is no real indicator things will turn bullish in the near future. It is still an interesting market to keep an eye on regardless.

Regardless of how the market may look as of right now, there will always be people on Twitter who attempt to shill their favorite currency. In the case of PSolutions, they still promotee BNB and the Binance exchange for being “worthwhile and trustworthy”. While most people might agree with that sentiment, one has to take these messages with a few pinches of salt. There are numerous worthwhile projects out there, and BNB will eventually hit a glass ceiling in terms of pricing.

For the time being, it remains somewhat difficult to predict what the future will hold for Binance Coin. Right now, it is pretty evident there is a lot of bearish pressure, but that can be overcome with a nudge in trading volume and Bitcoin slightly recovering. Only time will tell which of these aspects – if either – will come true today or later this week. Uneasy market momentum will continue to dominate most markets for some time to come, by the look of things.

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 Resumes its Slightly Bearish Trend appeared first on The Merkle Hash.


by JP Buntinx via The Merkle Hash

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