Binance Coin (BNB) Price Prediction: Will the Exchange Token Recover from the Bloodbath?

Binance Coin [BNB] was impacted by the harsh bearish sentiment across the market. It has not initiated a recovery, and its social media sentiment remained negative.

Binance Coin’s (BNB) price action has been impacted by the bearish sentiment in the market. Speculators were not convinced that BNB was likely to make gains in the near term.

Analysis of Binance inflows and BNB’s price action also painted a bearish picture. Here’s how traders can navigate the next few trading days.

Binance inflows, as noted by DefiLlama, showed that since 5 August, there have been $5.37 billion in inflows to the centralized exchange.

These inflows were likely due to panic in the market and reflected crypto transfers with the intent to sell.

This has bearish implications for the market, including the exchange token BNB. The recent legal troubles for Binance do not help the bulls’ case either.

The token prices were below the range lows at $505 and maintained their bearish bias. The OBV was pointed lower but the CMF was neutral, and its drop back below -0.05 would be a sign of caution for buyers.

Analysis of the global long positions percentage for a 3-day lookback period showed 2.19% long positions for BNB. This showed that speculators were predominantly bearish, fueling a short squeeze.

The liquidation heatmap supported this idea. There was a band of liquidity at the $497 level, stretching up to $502. This liquidity could attract prices higher.

Overall, the sentiment on social media and in Futures markets was firmly bearish. Technical analysis showed that $505-514 was a bearish order block on the 12-hour chart.

Therefore, traders can anticipate a bearish reversal from this zone.

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