Weiss Ratings Calls Binance Coin Rally Unsustainable, Says BNB Price Spike is Artificial
Binance Coin, the native currency for the world’s leading cryptocurrency exchange by volume Binance, had generally been having a good month but following the announcement of their launchpad service, it started to surge.
It isn’t the first time, BNB is seeing such a surge as the 7th largest cryptocurrency by market cap of about $2.4 billion has been rising since this year started. BNB shot up 183 percent from $6 at the beginning of January to the highest point $17.5 yesterday.
The USD/BNB pair couldn’t forge ahead after seeing a slight push above the median range spot on March 16, hence, the cause of a line of lower lows in the market. The 14-day SMA is now found within the range zones near below the $16 median mark. The 50-day SMA is located below a lower price mark at $12. The Stochastic Oscillators have slantingly bent from the overbought zone to point south-east within ranges 60 and 40.
Binance has led altcoins out of the bear market. In just a few months, the digital asset grew more than 150% and the bull trend could continue in the near future.
However, Weiss ratings called this unsustainable.
— Weiss Crypto Ratings (@WeissCrypto) March 25, 2019
Same sentiments can be seen by Twitter user CryptoAndChill.
The new #BNB model sounds a lot like being an accredited investor… You have to have a certain amount of this in order to participate in that.. that's why there's so much heat on CZ. It gets rid of the "little" investor.
— EOS&CHILL (@EOSandCHILL) March 25, 2019
Without a doubt, BNB prices are a rally and outperforming others only because of supportive fundamentals. From Binance DEX test-net, the increasing popularity of Binance Launch Pad and now conditions for margin trading, every dip above Mar 24 lows or the 20-MA should be a buying opportunity.