The bears aren’t out of sight yet and digital assets continue to experience price declines. The weekend failed to bring any upside in most coins.
However, two projects stood out for defying the downtrend. VeChain (VEN) and Binance Coin (BNB), spiked over the weekend, delighting their respective communities. Here’s how they performed.
VeChain’s potential in the cryptocurrency space isn’t debatable. It’s one of the projects that promise to make a mark by completely transforming the industry in a number of ways.
Over the last two days, VEN- soon to be renamed VET- has seen a surge in value thanks to increased interest as well as positive moves in the race for adoption.
It’s shaping up nicely for VEN as VeChain Thor launch approaches and partnerships emerge to support the anticipation that the coin will likely be hard to stop in the coming months.
On June 17, 2018, VEN/USD outperformed the top cryptocurrencies, soaring by over 8 percent to see its prices rise to a high of $3.21.
This surge had been preceded by another jump of +4.67 percent the previous day to reach values above 3 dollars.
Similar gains were made in the VEN/BTC market as the coin gained +3.69 percent against Bitcoin.
Although the coin failed to build upon the momentum, it illustrated its resilience in a market that continues to stagger in bearish conditions. It’s nearly 10 percent into the red.
The coin, however, has seen a surge in trading volumes. Its intraday trading averages over the last three days stand at $107 million, a great sign of increased interest.
The surging interest can be pegged to the upcoming VeChain Thor, but more specifically on recent announcements about partnerships. The latest among a string of high profile deals is the one involving DB Schenker, a company that brings a lot of expertise in the logistics industry.
With over 68,000 global logistics experts and presence in over 2,000 locations, DB Schenker promises to catapult VeChain ahead of the competition. The partnership will help the crypto access more users as it seeks to break into a lucrative market.
If VeChain’s great strategy off the trading floor keeps the positive sentiment, then prices will definitely rise in coming days.
Binance Coin (BNB)
Binance Coin continued to impress over the weekend, as it rallied to outperform major cryptocurrencies on the market.
BNB is the native currency to the largest trading and cryptocurrency exchange by volume Binance.
And it appears, every positive sentiment surrounding the exchange is having a similar boost to the token.
The token’s prices soared over the last couple of days, picking up a nice uptrend on June 16th. It has carried it over the weekend to currently sit as the only coin in the top 20 trading in the green.
BNB’s price rose from $14.94 on opening and touched a high of $16.08 before closing at $15.81 on Saturday. That upsurge was very crucial as it took its value past the immediate resistance levels above $15.75.
The trend continued over the next 24 hours, courtesy of another strong gain that saw it rise +5.39%. The bulls were clearly not done yet and the BNB/USD price rose to a high of $17.23 via a low of $15.76.
The run took BNB/USD past its highest prices reached on June 8, 2018. However, more significantly, it moved to within reach the $19.03 prices last seen in early January.
If the momentum established over the last few days holds, Binance Coin could make attempts to reach its all-time high prices of $24.91 reached on January 12th. At the moment, data on CoinMarketCap points to this possibility, with a resistance at $19.75.
What will help BNB over the next few days is its gains over both BTC and ETH? The coin gained by over 5 percent and 4.89 percent on the top two coins respectively, further buoying its push for new prices.
If BNB/USD maintains the uptrend, we could see it try for a major break above $20 within the next day or two.
It’s unclear what whether Binance Coin prices will continue to rise, but its positive trends during the Asian hours on Monday indicate an upsurge is still on.
BNB/USD is +17% in the green over the last 7 days and has seen a surge in daily trading volumes, currently at over $107 million.
VEN has faded over the last 24 hours, but BNB continues to soar. Will its price surge last?