Cryptocurrency News

Daily Cryptocurrency Price Analysis: Bitcoin, Binance Coin, Electroneum

There has been plenty of movement across the cryptocurrency markets once again. Surprisingly, Bitcoin isn’t an indicator as to where things will head next. A status quo is never a bad thing, albeit it will undoubtedly make some traders twitchy. As this uneasy situation resumes, other markets note some peculiar changes.

Bitcoin Price Isn’t Moving

After a week of ups and downs, the Bitcoin price is seemingly taking a brief break. Over the past 24 hours, there hasn’t been any real movement to speak of. With a current value of just above $8,200, a stability level may have been created. That is a somewhat welcome change of pace. The recent dip to below $8,000 is still fresh in most traders’ minds.

Indicator-wise, there isn’t too much to go on either. The current Bollinger Bands squeeze is still in play, albeit the Bitcoin price direction remains unclear. The MACD has also remained flat for a little while now, which further confirms no real changes should occur. Overall, the technical analysis sentiment is still leaning toward “sell” rather than “buy”. It will be interesting to see if that has any real impact over the next few hours. 

Binance Coin Price Bounces

Whereas Bitcoin has seen its ups and downs over the past week, Binance Coin is a different creature. Given the popularity of BNB, it is rather unusual to see such a flat seven-day chart. Things finally shifted into a higher gear last night. All of this culminates in a current 10.2% gain across the board. Traders will also be happy to see the Binance Coin price surpass $17.5 again. 

Sustaining any real growth may prove to be somewhat difficult for this cryptocurrency. The net gains are there because BNB is rising over Bitcoin. If the world’s leading cryptocurrency turns bullish, a lot of that upward momentum will be negated.  Maintaining the current level of $17.58 may prove to be challenging. There is enough trading volume, but anything can happen in these volatile markets.

Electroneum Price Momentum Sours

Throughout 2019, most altcoins have not generated any real buzz. The same applies to Electroneum, although its community remains alive and kicking. Some positive momentum earlier this week has been removed from the equation altogether. Just yesterday, one ETN was valued at over $0.0041. Today, there is a 5.66% loss in both USD and BTC value alike. Not the Electroneum price momentum holders and traders are looking for. 

The big problem for ETN is its trading volume. With under $120,000 in daily trades, the demand for this altcoin simply isn’t there. With KuCoin and Sistemkoin remaining the top trading platforms, that situation won’t change anytime soon either. There are a lot of things which can be improved upon, for obvious reasons. This latest dip may very well be a sign of more negative pressure waiting to materialize. 

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