Even though Bitcoin has had a stellar year thus far, 2019 hasn’t been a quite strong year for the altcoin market, the latest cryptocurrency news show. In the updates, we can see that a leading altcoin is under threat – and only two out of the thousands of altcoins on the market were able to outperform Bitcoin over the first half of the year.
One of the top performers is in trouble, as the coming altcoin news show. The trouble comes from the potential retracing of its gains which it experienced this year. In fact, this leading altcoin could extend its drop and lose up to 40% of its value if the next support level fails.
This is an analysis from one crypto personality. As he showed, 2019 has been the year of Bitcoin but also the year of Binance. During the first half of 2019, Binance made announcement after announcement and debuted a DEX, launched margin trading and so much more.
Between the constant positive media attention, and the Binance Launchpad platform for IEOs using the native crypto token of the exchange and driving up demand. We are talking about the leading altcoin named Binance Coin (BNB) and its value which skyrocketed as a result.
However, the month of June started showing up some losses. The market led Bitcoin to losses and the altcoin updates showed that Binance closed its doors to United States-based investors – which in turn led to a decline in the value of Binance Coin (BNB).
Once Binance announced that it is closing the trading and deposits for the US-based customers and usher them in a new US-based Binance exchange with only 29 altcoins and Bitcoin, things started shaking.
Mostly, the leading altcoin lost support and there was a lot of uncertainty around the future value of Binance Coin (BNB) which still prevails. Even though BNB was one of the top performers this year, it is not the best altcoin right now. The analyst named TEDDY tweeted that Binance Coin could fall an additional 40% from the current prices.
If you are holding @cz_binance's coin, you sure as hell want to see a bounce from diagonal support + 19.5k area.
Failure to do so, next support is nearly 40% lower
Exchange will close access to USA accounts in 2 days – curious to see this play out pic.twitter.com/ieX2wSoZyQ
— TEDDY (@teddycleps) September 10, 2019
To sum things up, Binance Coin (BNB) has been among the strongest performers in 2019, outperforming both Bitcoin and Litecoin as the best performing crypto asset in the market. Outside of these three cryptocurrencies, the rest of the altcoin news show that the market is bleeding out.
The post Leading Altcoin May Lose Up To 40% If Support Fails appeared first on DC Forecasts – Leading Digital Currencies.