Binance Coin Price Continues Downtrend as Drop to $16 Seems Plausible

As was somewhat to be expected on this Tuesday morning, there would be some minor bearish pressure affecting cryptocurrency markets. Although no real damage has been done so far, the Binance Coin price simply isn’t capable of stopping the bleeding right now. After subsequent declines, the BNB value now sits barely above $17.5, although that may not necessarily remain a support level for very long.

Binance Coin Price Continues to Head South

After what appeared to be a very strong bull run, things have turned around where Binance Coin is concerned. More specifically, there have been major declines in recent days, and it seems the bearish pressure will not necessarily relent in the near future either. This is in line with some other markets, although a lot of holders and traders are not too happy with the way things are going. Following the steep uptrend, the current downfall is equally steep, by the look of things.

Over the past 24 hours, the Binance Coin price has lost another 6% to bring its USD value to $17.61. There is also a 5.5% drop in BNB/BTC and a 4% retrace in BNB/ETH. It is evident the market is not in the best place right now, albeit that may only be temporary. This particular market has noted some odd behavior in the past few weeks, although it seems unlikely a drop to $15 or lower will materialize in the near future. Anything is possible in this industry, after all.

There are always some discussions pertaining to BNB on Twitter which will get some attention. CZ Binance is quite confident the BNB support baked into the Samsung Galaxy S10 line will be beneficial to this altcoin. Although 15 other coins are supported as well, the number of people making use of cryptocurrency-related functionality remains to be determined. It may not be as popular as a feature as most people would expect, even in this day and age.

When it comes to the actual price, the momentum can easily swing either way at this time. CryptoBull expects there may be a drop to $16 at the worst, although the hourly chart looks somewhat promising where BNB is concerned. Even so, any market can easily lose value in quick succession regardless of its most recent market trend. For the time being, it will be interesting to see what happens next where Binance Coin is concerned.

There are also some concerns as to when the next BNB token burn will occur. Considering how these events are quite common, one would expect the next one to occur in about a week fro, now. So far, no details on the next token burn have been confirmed or announced right now, this it remains a bit of a mystery as to when it will happen. Further reducing the BNB in circulation is always a good thing, as it improves upon the scarcity factor.

While the current BNB losses are piling up rather quickly, one has to keep in mind the market noted some very strong momentum just last week. As such, this retrace was somewhat to be expected, primarily because a correction would have kicked in sooner or later. Even with this dip in place, the token is only $2.5 remove from its 52-week high, which seems to indicate virtually anything is possible where BNB is concerned.

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.