- Despite a price increase, bullish sentiment around BNB declined.
Most on-chain data looked pretty bullish on the coin.
As a seasoned researcher with years of experience in the crypto market, I must say that BNB‘s recent price increase is indeed intriguing. While the coin’s technical indicators are painting a bullish picture, the decline in social volume and sentiment is a bit concerning. However, as we all know, the crypto market can be unpredictable at times – it’s like a roller coaster ride without a safety harness!
On this particular day, Binance Coin (BNB) stood out amongst other leading cryptocurrencies by posting positive gains on its daily chart. However, there was additional context worth noting – BNB had been accumulating within a bullish trend formation.
In the event of a breakout, it might soon target $800. Let’s see what’s going on with BNB.
BNB’s bullish move
According to data from CoinMarketCap, Binance Coin (BNB) saw a significant jump of over 3.5% in its price within the past 24 hours. Remarkably, BNB managed this growth while many other cryptocurrencies faced difficulties during the same timeframe.
Currently, the coin is being exchanged for approximately $539.01 per unit, while its total value in the market exceeds 478.6 billion dollars.
Contrary to expectations, the recent surge in bullish sentiment hasn’t boosted the Social Volume of the coin. Instead, it has dropped off over the past few days, according to AMBCrypto’s analysis of data from Santiment.
Its Weighted Sentiment also declined, as bullish sentiment around the coin plummeted.
Simultaneously, noted cryptocurrency analyst World Of Charts had recently shared a tweet drawing attention to a potentially bullish trend emerging on Binance Coin’s (BNB) price chart.
As per the tweet, a falling wedge pattern emerged on the coin charts in March.
Following that point, the value of this token has been steadily consolidating within its range. At the moment of writing, it appears to be on the verge of a breakout. Additionally, the tweet hints that if such a breakout occurs, BNB could potentially reach $800.
Is a bullish breakout possible?
AMBCrypto intends to examine closely the present situation of BNB to assess the possibility of a bullish surge. Analysis of data from Hyblock Capital showed that the difference between large investors (whales) and smaller ones (retail) in terms of BNB ownership is 100.
It strongly implied that whales were keeping their investments in the market for a longer period, indicating a potential positive trend or bullish sentiment.
Moreover, data from Coinglass indicated an increase in the Long/Short ratio for the cryptocurrency, signifying a higher number of long trades compared to short ones in the market.
Currently, as I’m typing this, the Fear and Greed Index for BNB is showing “greed.” This suggests that there might be potential for a price adjustment, given that such high levels usually indicate over-enthusiasm in the market.
Consequently, AMBCrypto analyzed the coin’s daily graph for a clearer outlook. The technical signal Macdemand Cross (MACD) showed a bullish intersection, indicating a potential increase in price.
Its Chaikin Money Flow (CMF) also registered an uptick, hinting at a continued price rise.
Realistic or not, here BNB’s market cap in BTC’s terms
Nevertheless, the Relative Strength Index (RSI) shifted towards a downtrend since it held steady. If the price continues to climb, BNB must surpass its resistance points at $602 and $710 before aiming for $800.
But if the bears take over, then the coin might plunge to $461.
Read More
- Top gainers and losers
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- STOG PREDICTION. STOG cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- MOCHI PREDICTION. MOCHI cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- DERO PREDICTION. DERO cryptocurrency
2024-08-18 19:04