- A significant amount of BNB was moved by a whale in the past 24 hours, leading to a notable decrease in social sentiment towards the token.
- As a result, Binance Coin [BNB] was among the tokens affected by the recent market downturn, with a whale withdrawing $103 million worth of BNB on July 8th.
How did this movement impact the trajectory of BNB?
BNB’s Recent Performance
Following the market drawdown on July 7th, the price of BNB experienced a significant decline, displaying a bearish trend with multiple lower lows and lower highs.
The token’s price fluctuated between $461.3 and $537.1, indicating the need for a substantial bullish push to break the current bearish trend.
At the time of writing, the RSI for BNB stood at 51.04, suggesting a surge in bullish momentum. However, the CMF showed a notable decrease, signaling reduced inflow of money into BNB and hinting at potential sideways movement before a breakout.
Source: TradingView
Social Sentiment Analysis
An analysis of Santiment’s data by AMBCrypto revealed that while Social Volume around BNB remained high, Weighted Sentiment experienced a significant decline, indicating a surge in negative comments. This could potentially impede BNB’s growth.
Source: Santiment
Realistic or not, here’s BNB’s market cap in BTC’s terms
Currently, BNB is trading at $515.60 , reflecting a 0.34% price increase over the last 24 hours. The trading volume of BNB has decreased by 12.53% within the same period.
If such significant movements persist, BNB’s price may continue to decline, making it challenging for traders to recover.