Binance whale knocks the altcoin down further: Will BNB ever recover?
  • In the past 24 hours, whales have moved large amounts of BNB.
  • As a result, social sentiment towards the token has dropped significantly.

Binance Coin [BNB] It was one of many tokens affected by the recent market drop, with large investors likely affected by this sudden volatility withdrawing $103 million worth of BNB tokens on July 8th.

Has this move affected BNB’s trajectory?

What’s happening with BNB?

The price of BNB has dropped significantly since July 7. During this period, the price of BNB made multiple lows and highs, indicating a bearish trend.

The coin has fluctuated between $461.3 and $537.1, and a significant bullish move would be required for BNB to surge above these levels and break the current bearish trend.

At the time of writing, BNB’s RSI (Relative Strength Index) is at 51.04, indicating that the BNB token has gained bullish momentum.

However, CMF (Chaikin Money Flow) has declined significantly, indicating less funds are flowing into BNB, so sideways movement may continue for some time before a breakout.

Source: TradingView

Check out our social media

AMBCrypto’s analysis of Santiment data revealed that social volume around BNB has remained high over the past few days, indicating that the popularity of the BNB token remains unchanged.

However, the weighted sentiment has also dropped significantly, indicating a sharp increase in the number of negative comments about the BNB token, which could hinder BNB’s further growth potential.

Source: Santiment

Realistic or not, here is what the market cap of BNB in ​​terms of BTC looks like:

At the time of writing, BNB $515.60 The price has increased by 0.34% in the past 24 hours. BNB trading volume has decreased by 12.53% in the past 24 hours.

If such a massive move continues, BNB will continue to take a beating and the price will fall to levels that traders feel are impossible to recover from.

Next: Ethereum finally breaks $3,000: How ETH could reclaim its highs


Leave a Comment