Binance Coin (BNB) has surpassed its previous all-time over the weekend, after a 15% surge on May 19 helped to take the asset from $25.17 to a new height of $29.14.
The rally, which is likely to have been catalysed by the upcoming Harmony IEO, also pushed the #7 cryptocurrency’s market capital over the $4 Billion milestone for the first time ever.
Looking at BNB today however, we can see that the asset has already started to correct from its new high; as short-term traders take profits and IEO participants cease buying up BNB ahead of the snapshot.
Over the last 24hrs, Binance Coin is reporting a -3.16% loss against the US dollar and is trailing -1.62% behind BTC.
On the 4H BNB/USDT chart we can also see some other worrying signs that foreshadow a harsh bearish reversal in on the cards, as the project heads towards its next token sale on May 27.