The native digital asset of the cryptocurrency exchange Binance Coin (BNB) has seen a lot of ups and downs lately. However, the BNB social sentiment is something that is getting a hit lately, turning bearish and getting a lot of negative impulses.
What does this mean for BNB and the Binance Coin news?
Well, we can certainly say that the coin is not in a good position just like almost any other altcoin today. The positive news, however, are that BNB is expanding its reach after Poloniex revealed that it would be listing the token on its retail platform. This move will provide market access to the cryptocurrency for millions of retail investors around the world.
Although this listing brings support for different new trading pairs such as BNB/BTC, BNB/USDT and BNB/TRX, the announcement still did not spark a lot of interest among market participants. In fact, the price of this altcoin is still consolidating within a descending triangle without providing clear signs on where it is headed next.
This is why the social sentiment for Binance Coin (BNB) is low right now. Moving past the $17 support level could spark a sell-off according to analysts – one that can push the Binance Coin (BNB) down to $16 all while breaking above the hypothenuse at $17.4 may send the token upwards to $18.4.
Despite this ambiguous outlook which BNB represents, a lot of on-chain metrics paint a better picture of what the future holds for the coin. In spite of the recent Poloniex listing, the social sentiment around BNB has not really picked up on Twitter or any other social media platforms as many expected.
Instead, BNB slipped into negative sentiment territory since the start of this month in the altcoin news. In that manner, the focus seems to be shifting towards small-cap cryptocurrencies now, and the sentiment volume consumed of BNB is currently at -1.
Indeed, each time that the BNB social sentiment moves below 0, the price tends to drop significantly. Maybe this is the case now as we can see Binance Coin (BNB) trading at $16.57 with a 4.28% drop on the day. When compared to April and the 30% drop, we can see that the price of Binance Coin (BNB) is still far from a bloodbath. However, if the market moves more into the red, it could be one of the possibilities for sure.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]