Binance Coin Price Tries to Regain the $20 Level Once Again

As the weekend dawns upon the cryptocurrency industry, it will become interesting to see which markets are about to struggle. For the time being, it seems the losses are kept to a bare minimum first and foremost.  Even so, the Binance Coin price is trying to regain some of its most recent glory, albeit reaching $20 again might not necessarily happen over the course of the weekend.

Binance Coin Price Might not Rise Too Much

It is evident a lot of cryptocurrencies, tokens, and assets will effectively come under some pressure over the course of the weekend. While it remains to be seen how things will evolve in the coming days, there might not be too much of an overall uptrend during a period when the majority of trading volume tends to dry up. In the case of Binance Coin, this week hasn’t been overly positive by any means, although no major decline has occurred either, in hindsight.

As of right now, the Binance Coin price is trying to move up again. Depending on how one wants to look at this chart, it is either very successful or subjected to a very slow start first and foremost. With a 1.15% gain, the price now sits at $19.28. Rising to $20 is the main objective for traders, but it remains to be seen if that is even feasible in the long run. There are also minor gains in BTC and ETH value, although they can be ignored for the most part as well.

One worrisome aspect for BNB holders is how some of the pump groups are already cashing out under these circumstances. Bot Invest bought BNB  a few hours ago and ha snow cashed out completely with a minor profit. It is evident there is some money to be made through high-frequency trading today, albeit it can also disrupt a few markets along the way. How Binance Coin will be affected by these quick flips, is anyone’s guess at this time.

A very remarkable poll was shared by Koinfox today. Its poll asked users about their BNB holdings pertaining to the IEOs offered on Binance Launchpad. The overall sentiment doesn’t look promising where the upcoming IEO is concerned, as a lot of people either consider it “boring” or “already overbought”. If the IEO use case becomes less appealing to Binance Coin holders moving forward, this token may very well see a major decline in price fairly soon.

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For those who are mainly interested in watching at the Binance Coin chart, there is a very bullish trend visible for everyone to see. CryptoBull expects the value to ping-pong between $17.4 and $23.6. While a drop to $17.4 is not out of the question by any means, a push to $23 or above is a different matter altogether. Even though the current market conditions may appear somewhat promising, it seems unlikely there will be any major price changes in the next few hours and days.

It is rather apparent the Binance Coin momentum primarily hinges on Bitcoin’s price at this time. The world’s leading cryptocurrency is seemingly not intent on losing or gaining much value today, which could very well result in a status quo for all other markets. Binance Coin, while usually capable of doing its own thing regardless of the overall sentiment, will prove to be an interesting market to keep an eye on.

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.

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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