Binance Coin [BNB] Struggles to Break Bearish Trend Despite High Social Volume

Binance Coin [BNB] was one of the many tokens that was impacted by the recent market drawdown. A whale, seemingly affected by this sudden volatility

Binance Coin [BNB] suffered a massive blow as a whale withdrew BNB tokens to the tune of a mind-boggling $103 million on 8 July. This movement follows a string of lower lows and lower highs in BNB’s price since 7 July.

The token’s price oscillated within the range of $461.3 and $537.1 during this period. BNB would need significant bullish momentum to break out of this range and reverse the current bearish trend.

At the time of writing, BNB was valued at $515.60 with a 0.34% price increment over the last 24 hours. However, the volume at which BNB was being traded at had decreased by 12.53% during the same period.

Relative Strength Index (RSI) for BNB stood at 51.04, indicating increasing bullish momentum around the BNB token at the time of writing.

However, Chaikin Money Flow (CMF) for BNB had declined significantly, indicating that the money flowing into BNB had decreased. This could indicate that BNB might continue trading sideways for a while before breaking out.

According to AMBCrypto’s analysis of Santiment’s data, the Social Volume around BNB had remained high over the last few days, indicating the BNB token’s enduring popularity.

However, Weighted Sentiment also fell drastically, indicating an increase in the number of negative comments around the BNB token. This could hamper BNB’s potential to appreciate further.

If such massive movements continue, BNB will continue to suffer a price decline from which traders may find it difficult to recover.

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