Categories: CryptoNews

Binance Coin Price Eyes a $15 Target Despite Overall Bearish Pressure

When the going gets tough in the cryptocurrency world, red is the favorite color among charting websites. Even so, there is one currency in the top 20 which keeps making a positive impact in this industry. The Binance Coin price, for example, has risen by 2.77%, pushing its value back to nearly $14.5.

Binance Coin Price is on the Rise

Considering how all cryptocurrencies are losing value, it is evident there isn’t much to be excited about right now. Holders of Binance Coin may feel differently about this, as things are certainly heading in the right direction. More specifically, the Binance Coin price is rising, which makes it the only cryptocurrency in the top 20 to note any positive growth right now.

Thanks to this solid 2.77% increase over the past 24 hours, the Binance Coin price is certainly heading in the right direction. This past week, we have seen a solid uptrend for BNB, and except for a small setback, that trend is still in place. With the Binance Coin price rising from $12 to nearly $15, a lot of people were surprised to see how things were evolving. A few days later, and we are near that same value once again.

It is also interesting to note how BNB has scored solid increases over Bitcoin and Ethereum. With its 6.24% gain over Bitcoin and a 6.36% gain over Ether, things are certainly looking rather impressive. If this trend keeps up, the Binance Coin price might effectively hit $15 later today, albeit it remains to be seen if there is a long-term positive momentum in place.

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With $10.815m in 24-hour trading volume, BNB is seemingly in a good place. It is not the most liquid market by any means, but the volume seems sufficient to keep the Binance Coin price trend going as of right now.  If the volume were to pick up a bit, reaching $15 would certainly be a lot easier.

With Binance dominating the Binance Coin trading volume – for obvious reasons – it is interesting to see which markets are most popular. BTC, USDT, and ETH pairs are in the top three, with every other market generating less than $1m in the past 24 hours. It will be interesting to see how these rankings evolve moving forward, as the BTC and USDT markets are not that far apart right now.

Whether or not the Binance Coin price will continue to rise, remains to be determined. It is certainly a possibility, given the somewhat positive momentum in the past few hours. Escaping the bearish trend which affects all cryptocurrency markets right now will be challenging, even for this particular currency.  

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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