Binance Whale Drives Altcoin Down Even Further: Will BNB Ever Recover?

  • The whale has moved a large amount of BNB over the last 24 hours.
  • As a result, public sentiment around the token has dropped significantly.

Binance Coin (BNB) was one of many tokens affected by the recent market decline. A whale, apparently affected by the sudden volatility, withdrew $103 million worth of BNB tokens on July 8.

Did this move impact BNB’s trajectory?

What’s happening with BNB

Since July 7, the price of BNB has fallen significantly. During this period, the price of BNB has shown many lower lows and lower highs, indicating a downward trend.

The token has been fluctuating between the levels of $461.3 and $537.1. A significant uptrend would be needed for BNB to break above these levels and break the current downtrend.

At the time of writing, the RSI (Relative Strength Index) for BNB was 51.04, which indicates that the bullish momentum surrounding the BNB token has increased.

However, CMF (Chaikin Money Flow) has dropped significantly, indicating that money flowing into BNB has decreased. So, the sideways movement may continue for some time before a breakout.

Source: TradingView

Looking at social media

AMBCrypto’s analysis of Santiment data shows that the social volume around BNB has remained high over the past few days, indicating that the popularity of the BNB token has not changed.

However, Weighted Sentiment also dropped significantly, indicating that the number of negative comments surrounding the BNB token has increased dramatically. This may hinder the further growth potential of BNB.

Source: Santiment

Realistic or not, here is BNB’s market cap in BTC terms

At the time of going to press, the value of BNB was 515.60 PLN and its price is up 0.34% in the last 24 hours. BNB trading volume is down 12.53% in the last 24 hours.

If such large fluctuations continue, BNB will continue to lose ground and its price will fall to levels from which investors may not be able to escape.