Today has proven to be a rather interesting yet somewhat unusual day for all cryptocurrencies. While all top markets have gone in the red again, select altcoins and tokens note opposite momentum. The Binance Coin price is currently under a positive spell, despite relatively weak trading volume. Sustaining this trend over the weekend will be a different matter altogether.
Binance Coin Price Surge is Unexpected
Although Binance remains the word’s leading cryptocurrency exchange by volume, its native token is not necessarily tied tot hat success. BNB Can be used to reduce trading fees on the platform, yet it has few use cases outside of Binance. Even so, the current price trend is pretty positive, which is very different from how all other top markets are evolving right now.
Over the past 24 hours, the Binance Coin price has risen by over 4% in USD value. There is also a 4.7% gain in BNB/BTC and a 6,1% increase in BNB/ETH. All of these gains are pretty solid first and foremost, even though the overall trading volume is not near a level most people would expect. That volume might pick up a bit over the coming days, even though it remains to be seen what the weekend will bring exactly.
Speaking of additional use cases for BNB, it seems a new option has come to market this week. Monetha merchants can now accept BNB as a payment method, which is pretty interesting. There are slowly more use cases on the horizon for this token other than reducing Binance trading fees, which is always a good sign. How successful this new option will be, is a different matter altogether.
— Monetha.io (@Monetha_io) January 18, 2019
Most people seemingly only care about the current and future BNB value. Speculation is a good way to make money in this industry. In the case of Binance Coin, no one can deny the three-month chart looks very, very promising indeed. Despite a brief dip a while ago, it seems the uptrend is still firmly in place right now. Quite remarkable, given the overall bearish market conditions.
— MoJo Crypto (Jubal Lambert) (@JubalLambert) January 18, 2019
For those who enjoy trading Binance Coin against Tether;’s USDT, some interesting price levels need to be taken into consideration. There is some room left for further upward momentum, as the real resistance is closer to$7.6 right now. Even so, the support level sits at $5.9, which isn’t that much lower compared to the current value. An interesting trend to keep an eye on, as this market can easily swing either way.
Current – 6.38
Resistance – 7.68
Hold above Resistance – 9.48 and 13.58
Hold below Resistance – 5.9 and 4.3 pic.twitter.com/q11rxvXUWQ
— BeingMN (@mn_being) January 18, 2019
Considering how all top markets are subjected to bearish pressure, it seems to be a matter of time until Binance Coin meets a very similar fate. At the same time, there is a chance this uptrend can remain in place for a few more hours. Weekends are usually unusual in terms of trading behavior, thus anything can happen in the next few days. How that will pan out for Binance Coin, has yet to be determined.
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.