Binance Coin (BNB) traders are showing signs of confidence amid a weak crypto market. BNB price has found support at lower levels around $390 as Binance continues to expand its presence globally in the crypto market.
In the last 24 hours, BNB saw its highest number of whale transactions since early March.
Binance Coin (BNB) Price Awaits A Short-Term Rally
Binance Coin’s (BNB) price has been trading in the $385-$405 range in the last few days. In fact, the price has pulled down three times from the $408 mark, which is the 50-day SMA. However, the price has again started moving upwards in an ascending channel with more probability of breaking above the 50-day MA level. Thus, a move above $408 will bring a short-term rally in the BNB price.
Moreover, on-chain analytics firm Santiment reported in a tweet on April 30 regarding the increasing number of whale transactions in the last 24 hours. As per the Binance Coin (BNB) Whale Transactions data, the price has hit a local top after 7 weeks as whales accumulate BNB at lower levels.
“BinanceCoin has seen its largest grouping of whale transactions since early March. When $100k+ transactions spike, as they are now, it typically foreshadows price direction changes. Be cautious, as the largest spike occurred at a local top.”
Thus, the on-chain data confirms an upcoming rally in BNB as whales may push prices above the $420 mark in the short term.
According to WhaleStats, whales have been accumulating Binance Coin (BNB) in the last few days. More than 200,000 BNB exchange outflows were recorded from exchanges such as Binance, FTX, and Bybit. Therefore, the price is expected to move higher from current levels as whale accumulation is an optimistic indication of positive momentum.
Binance Seeks Dominance in the Crypto Market
Binance has become the world’s largest exchange in terms of daily transactions as it continues to list cryptocurrency pairs with BNB. The exchange has allowed the listing of cryptocurrencies for zero BNB fees.
The crypto exchange seeks to establish its dominance as it continues to expand to other regions and offers various financial products. In fact, Binance plans to offer big venture capitalists board seats in the company as it seeks a public listing in the U.S. market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link By Varinder Singh