Crypto Bubble Chaser’s Last Warning: Analyst says Time to Take Profit on BNB Coin
The 8th largest cryptocurrency by market cap of $2.1 billion, Binance Coin (BNB), the native token of biggest cryptocurrency exchange, Binance has been enjoying the gains since this year started but is it time for BNB rally to call it quits, analyst and traders think so.
BNB Up 252% in 2019
On December 14th, 2018, when Bitcoin hit its yearly low at $3,200 along with the rest of the crypto market, BNB has been sitting at $4.57. On March 17th, Binance Coin hit its highest level of this year at $16.09, registering the surge of 252 percent in 2019, till now.
Since this year started, as can be seen in the graph, BNB has been constantly going upwards that has it hitting its all-time high (ATH) in the BTC market at 0.0039 BTC.
BNB price chart, Source: Coinmarketcap
At the time of writing, BNB has been trading at $15.28 with 24-hours loss of 3.60 percent. In the BTC and ETH market as well, it is in the red by nearly 4 percent while managing the daily trading volume of $212 million.
While Bitcoin and other cryptos have been either in the red or not seeing much action, Binance Coin surged and climbed from 14th rank before the year started to the current 8th position, recently it even make it to the 7th rank.
But Will It See More Gains Or Is Exhausted?
What goes up must come down!
This is usually the case with the stocks that the crypto market also experiences. So, does it mean after seeing over 250 percent gains, it’s time for BNB to fall back or just take a rest?
According to market analyst and trader Benjamin Blunts, BNB seems to be rolling over that could see a downward shift which might have already started as it is down by over 3 percent but he is not seeing it hitting
“If you still haven't taken profit on BNB, this is your last warning, it seems to be rolling over out of an ending diagonal with a 5 wave bull cycle now complete. Don't be greedy on something that's gone up 287% in 3 months.”
Crypto trader, Jonny Moe echoes similar sentiments as he said,
“Not a good look for BNB. I'm out of the trade. Would reenter on break above the ascending triangle which for now appears to have failed.”
Though Binance is still going strong with its expansion and new launches that will be leveraging BNB further, the price is expected to take a rest for now.