When it comes to taking a closer look at the alternative cryptocurrency market momentum, a lot of interesting trends can be noted. Although not all markets are even close to turning bullish, the weekend will undoubtedly yield some promising momentum. Until then, however, the Binance Coin price will seemingly remain under a lot of pressure. All of the “advocating” on Twitter is seemingly backfiring on this project a bit.
Binance Coin Price Faces a Minor Onslaught
It is not entirely surprising to see the value of Binance Coin drop off a bit after a very strong bull run earlier this week. Those massive gains would never be sustainable for the long run. Such a strong uptrend will always be met with a correction, which is exactly what BNB is going through at this time. While it remains a bit unclear how long the negative pressure will remain in place, it seems this may not be the current bottom by any means.
Over the past 24 hours, the Binance Coin price lost 5% in USD value, 5.4% over Bitcoin, and 4.5% over Ethereum. It is a sea of red all across the board, which was entirely to be expected. Because of this downtrend, the value per BNB has dropped to $14,42 or 0.00367902 BTC. Not necessarily a big problem at this time, although the overall trend is not positive either. While the trading volume remains strong, it seems unlikely any major uptrend will occur in the coming hours.
On social media, the hype and excitement regarding BNB is seemingly spiraling out of control. More specifically, there are now people who genuinely believe Binance Coin’s market cap will surpass that of XRP. Although not entirely impossible by any means, it is also rather improbable. It will be interesting to see how things evolve in this regard, as there is over $10bn separating both markets right now.
— Szczepan⚡Bentyn (@Bentyn) March 8, 2019
M.m is another individual who can seemingly only see stars and the moon when it comes to Binance Coin. While there is nothing wrong with being smitten by a project, a price surge to $20 in the next 11 days seems rather peculiar. Again, this is an entirely probable scenario given the recent BNB price trend, although it will primarily depend on what happens to Bitcoin first and foremost.
dont worry ! #BNB will worth more than $20 on 2019/03/19
— m.m (@mm43317599) March 8, 2019
Del Rypto, on the other hand, expected BNB to hit 0.004 Bitcoin just a few hours ago. Unfortunately for him and other traders, this never materialized in the end. Three rejections in a row only confirm this uptrend was not sustainable by any stretch of the imagination. While Del Rypto still noted a 140% profit in the process, it remains to be seen when the next attempt to break 0.004 will occur.
— Del Rypto (@Del_Ryp) March 8, 2019
As is always the case just ahead of a weekend, there may be some unexpected momentum over the next 72 hours. Whether or not that will bring hope to Binance Coin holders and speculators, is difficult to predict at this time. With these rather steep losses already in place, it seems there may be a lot more negative momentum later today. Crypto investors tend to panic whenever the momentum sours these days.
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.