Binance Coin (BNB) is a "New Bitcoin", Says TRON CEO Justin Sun

Binance Coin (BNB) is a

With almost every major influencer, including CZ (CEO of Binance), discussing the exchange's native token, we wanted to shed some light, once again, on the project and what has influenced it of late.

Overall the bulls have outpaced the bears today and the total cryptocurrency market cap has increased from $133 billion to $134 billion.

While the reasons that most cryptocurrencies are highly correlated to bitcoin are not definitive, studies have shown this dependency on bitcoin's trend has only grown stronger with time. After all, there is a lot for the BNB coin to achieve before it can challenge Bitcoin.

Another similarity is the negative correlation to Bitcoin. Some altcoins, such as Ethereum, had the highest inverse correlation in comparison to Bitcoin. $3,900 is important to watch to see if Bitcoin (BTC) can have a more significant rally.

Binance Coin continues to trend higher as it busted through a key resistance level on its move to the $14 levels.

We have mentioned before that, as a strategy, our team members set aside percentages of their monthly earnings to invest exclusively into $BNB as a long-term play.

From above: The nearest resistance lies at $15.82 where the 1.618 Fibonacci Extension level is located. We expect the $16-17 range to provide heavy resistance to $BNB.

Tron CEO Justin Sun Calls Binance Coin a 'New Bitcoin' After BNB's 141% Surge

However, this connection began to weaken for BNB/USD as 2019 began, a fact made evident by BNB/USD's performance line (orange) above, which has been deviating significantly from the other big name cryptocurrencies, effectively making it the most bullish notable outlier of the group.

The support level at $3,700 is also important to watch since if Bitcoin (BTC) breaks below this it would be at risk of declining to the long term support level of $3,100.

From above: The nearest resistance beyond 0.0040 BTC lies at 0.0042 BTC.

Tether (USDT) traded up 0.3% against the dollar and now trades at $1.01 or 0.00026000 BTC. Support beneath this is then expected at 0.00353 BTC, 0.00340 BTC, and 0.00311 BTC.

RSI is already indicating overbought conditions, though, and may be turning lower to show that selling pressure is returning soon.

The trading volume has remained consistently high.

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