Binance Coin (BNB) Faces Brief Bearish Break Amidst Celer ICO

Binance Coin (BNB) has been one of the strongest cryptocurrencies during the past 3 months, consistently creating higher lows and experiencing far fewer fakeouts than most other cryptocurrencies. The bullish uptrend started way back on December 7 with a low of just $4.12, before climbing all the way up to a whopping figure of over $16 as the market went from strength to strength.

However, during today’s Celer Launchpad ICO, BNB lost significant gains of around 4% over the span of an hour. This movement was almost certainly caused by the horrendous flawed way in which Binance held the ICO, since only a small percentage of those who tried were actually able to buy CELR tokens, causing a social media avalanche for Binance and a brief dump of BNB.

Looking at the chart above we can see the hourly ‘’crash’’, thankfully bulls jumped right into it and bought the dip in less than 1 hour. BNB remains in its strong uptrend and is very likely to continue like this for the next several months if nothing significant happens to set it on a bearish trend.

The next stop is likely going to be a break through $16 which could happen this week, though it may now be slightly delayed as a result of today’s events.

Overall, today’s events are unlikely to be a cause for concern, BNB still stands strong and will probably recover within the next few days, particularly since Binance are quickly establishing themselves as the internet’s new ICO hub, bringing with it significant hype and momentum.

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