Even though the overarching market sentiment is anything but positive, it would appear some projects continue to buck the trend. Following strong fresh gains, the Binance Coin Price is firing on all cylinders once again. Now that it successfully surpassed $8 again, it will be interesting to see what will happen over the coming hours.
Binance Coin Price Surge Intensifies
It is always interesting to see how different markets deal with the overall industry-wide trend. Whereas ₿itcoin, Ethereum, and XRP are all in the red again, more exciting things are happening a bit further down the list. Binance Coin, while still in the market cap top 10, is going through somewhat of a bullish surge right now. This is quite intriguing, simply because it is so averse compared to all other markets.
Over the past 24 hours, the Binance Coin price has gained nearly 15% in USD value, bringing the price to $8.11. There are strong gains in BTC and ETH value as well. One BNB is now priced at 0.00236 BTC or 0.779 ETH. Especially this latter ratio is rather interesting. Ethereum keeps losing ground compared to virtually every market it can be traded against these days. That is not a positive sign by any means, but it is how things work as of right now.
Even though the momentum remains positive, this might not necessarily be the top for BNB just yet. Trading Room has identified two key targets for this token moving forward, with the second one sitting above the $9 mark. Although that would require another 10% increase, it is not necessarily impossible by any means.
Taking a Long Trade for a Potential 20% & 52% Profit Setup
— Trading Room (@tradingroomapp) January 8, 2019
Vanessa B seems to echo a very similar sentiment, although there has been some resistance forming on the chart as well. Following some steeper gains earlier this morning, there was a quick push downward to ensure these gains would not get out of hand right away. That is only normal, considering such steep gains can’t be sustained for very long in most cases. So far, it seems the uptrend will be resumed without too many problems.
— Vanessa ₿ (@CryptoVanessa) February 6, 2019
One remarkable aspect of this current surge is how most of the trading volume seemingly takes the form of ₿itcoin. More specifically, BNB appears to generate more BTC-related trading volume compared to Ethereum, XRP, and other markets. A very intriguing development, although it remains to be seen how long this situation will remain in place. Even so, it is a promising sign at this time.
— EV78-BTT-BNB (@E2ther) February 6, 2019
When keeping the current overarching market momentum in mind, it seems unlikely things will remain this positive for Binance Coin. At the same time, this token has a habit of completely bucking the market trend and doing its own thing in the process. As such, there is always a chance this run may remain in place for a few more hours. Speculators will undoubtedly be quite pleased with the way things are going right now.
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.
Published at Wed, 06 Feb 2019 08:36:31 +0000