Analyst says a "bloody correction" is in store for Binance Coin

25 May, 2019 | Updated: 25 May, 2019
by Richard Allen
Price Analysis
Analyst says a bloody correction is in store for Binance Coin

Binance Coin has had one of the best runs of 2019, rising well over 400% from its January low of $5.60, with just three weeks out of the year spent in the red. However, this kind of performance can’t be sustained indefinitely. As crypto trader Josh Rager notes, the coin will likely continue to surge on the back of Binance’s margin trading rumors, but BNB faces a “bloody correction” in the future.

While Binance Coin has gone from strength to strength, moving from 49th to 7th in the span of a single year, it’s understandable to think of the coin as almost immune to major price corrections. However, as Rager notes, “all markets correct.” And it’s at this point that will present the best buying opportunity.

In a later tweet, Rager predicts BNB will push towards 50,000 sats and suggests “Buy the rumor and sell the news," adding, “If anything remotely goes wrong with Binance margin trading launch, BNB will dump like no other, just remember.”

As Chepicap recently reported, Binance chief executive, Changpeng Zhao first hinted at the addition of margin trading right after the exchange was hacked, confirming it was in its final testing phase. CZ then dropped another major hint, showing a sneaky screenshot of margin trading on the site. Furthermore, TechCrunch has reported that selected users have been beta testing the feature. And, while a Binance representative declined to comment on the specifics, they did confirm margin trading will be coming to the exchange “soon.”

BNB/USD chart provided by Tradingview

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