- BNB price has fallen by more than 3% over the past seven days.
- Despite the 24-hour recovery, few on-chain indicators remain bearish.
like Bitcoin (BTC) Despite efforts to raise prices, several altcoins, such as BNB met a similar fate. But in the last 24 hours, things have started to change. In fact, if the latest data is to be believed, altcoins could soon post a bullish rally, which could allow BNB to recover its recent losses.
BNB turns green
Renowned cryptocurrency analyst World Of Charts recently shared the following: Twitter We highlight interesting developments. Likewise, the market capitalization of altcoins is now moving within the pattern on the chart.
Source: X
In fact, a bullish descending wedge pattern appeared on the charts back in March and was testing lower support for the pattern at the time of press. If altcoins test that pattern, investors could see altcoins rally and see BNB strengthen.
In fact, at the time of writing, BNB already appears to be recovering somewhat. According to CoinMarketCap, BNB is down more than 3% over the past seven days. Conversely, altcoins have recorded some gains in the last 24 hours or so.
Will BNB remain strong?
Since there was potential for BNB to recover from last week’s price drop, AMBCrypto took a closer look at the coin’s status to better understand what to expect. BNB’s social volume increased sharply on June 21, highlighting the coin’s growing popularity in the cryptocurrency space, according to Santiment’s data analysis.
Let’s also take a look at CFGI.io. data BNB’s Fear and Greed Index was said to be at 37% at press time. This meant that the market was in a ‘panic’ phase. Historically, whenever the Fear and Greed indices indicate that the market is in a “fear” phase, price increases typically follow.
Source: Santiment
However, not everything is in the coin’s favor. For example, the weighted sentiment for the coin was negative. A decline in this indicator suggests that bearish sentiment prevails across the market.
Additionally, data from Coinglass shows that BNB’s long/short ratio has fallen sharply. A low long/short ratio means that a trader’s portfolio contains a higher proportion of short positions compared to long positions. The aforementioned results placed greater emphasis on selling or shorting assets and highlighted the dominance of the downtrend.
Source: Coinglass
read Binance Coin (BNB) Price Prediction From 2024 to 2025
Investors will soon see BNB fall to $571 as the downtrend continues once again, lowering the price of the coin. However, if the bulls can beat the bears, there is a chance that BNB could reach $613 in the coming weeks.
Source: Hiblock Capital