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- BNB price has fallen by more than 3% in the past seven days
- A few on-chain metrics remained bearish, although they rebounded over the 24-hour period
like Bitcoin [BTC] It is struggling to raise its price, like many altcoins BNB Bank He also met a similar fate. However, things started to change over the past 24 hours. In fact, if the latest data is to be believed, altcoins may soon post a bullish rally, which could allow BNB to recover from its recent losses.
BNB turns green
World Of Charts, a popular cryptocurrency analyst, recently shared tweet Highlighting an interesting development. Accordingly, the market capitalization of altcoins is now moving within a pattern on the charts.
Source: X
In fact, a bullish falling wedge pattern appeared on the chart in March and at the time of writing, was testing the lower support of the pattern. If altcoins can test this pattern, investors could see altcoins rise, which in turn allows BNB to turn bullish.
In fact, at the time of writing, BNB appears to be recovering somewhat. according to CoinMarketCapBNB has fallen more than 3% in the past seven days. Conversely, the altcoin has posted some gains over the past 24 hours or so.
Will BNB remain bullish?
As there are chances for BNB to recover from last week’s price drop, AMBCrypto took a closer look at the state of the coin to better understand what to expect. According to our analysis of Santiment data, BNB’s social volume rose sharply on June 21, highlighting the coin’s rising popularity in the cryptocurrency space.
Additionally, we looked at CFGI.io Data It revealed that BNB’s Fear and Greed Index had reached a reading of 37% at press time. This means that the market was in the “fear” phase. Historically, when the Fear and Greed Index shows that the market is in a “fear” phase, a rise in prices usually follows.
Source: Santiment
However, not everything was in the currency’s favour. For example, the weighted sentiment of the currency was in the negatives. A decline in this metric indicates the dominance of bearish sentiment in the market.
Furthermore, Coinglass data revealed that BNB’s buy/sell ratio saw a sharp decline. A lower buy/sell ratio indicates a higher proportion of short positions compared to long positions in a trader’s portfolio. The above result confirmed the dominance of bears, with greater emphasis on selling or shorting assets.
Source: Coinglas
is reading Binance coin [BNB] Price prediction 2024-2025
If the bears take over again and push the coin’s price lower, investors could soon see BNB drop to $571. However, if the bulls can beat the bears, there are chances that BNB will reach the $613 level in the coming weeks.
Source: Hyblock Capital
