BNB Faces Bearish Sentiment
Binance native coin BNB has suffered similar bearish sentiment as Bitcoin in the past few months after reaching a new all-time high. An anticipated altseason in the near future, triggered by the final approval of spot Ether ETFs and a reversal in BTC dominance, is expected to send BNB price to its parabolic phase.
Amid the heightened crypto volatility fueled by institutional investors, Binance Coin (BNB) has registered a notable spike in whale activity. According to on-chain data provided by BscScan, a whale named Capybara_bnb deposited 200k BNB, worth about $103 million, to the Binance exchange earlier this week.
As of this writing, the Capybara_bnb whale holds about 203,609 BNB, worth around $103 million. With heightened crypto fear, which stands around 25 percent based on the fear and greed index, more sales by Capybara_bnb could trigger further BNB price capitulation ahead.
Midterm BNB Price Expectations
The BNB price action has closely mirrored that of Bitcoin in the past, thus expected to follow similar price action ahead. Most crypto analysts believe that the crypto industry will enter into a fakeout consolidation before a major bullish breakout later this year.
- BNB’s price could drop as much as $450 in the coming weeks before establishing a reversal pattern.
- BNB price on the daily time frame has formed a possible double top coupled with a bearish divergence on the weekly Relative Strength Index.
- The large-cap altcoin, with a fully diluted valuation of about $80 billion and a daily average traded volume of around $1 billion, has dropped around 14 percent in the past four weeks to hover about $528 on Friday, July 12, 2024.
Thriving Web3 Ecosystem
The Binance network has grown to a vibrant web3 ecosystem, with more than $5 billion in stablecoins market cap and over $4.4 billion in total value locked. The Binance web3 ecosystem has thrived in non-western nations following the regulatory crackdown led by the United States.
However, as we previously reported, the Binance ecosystem has been counting on a major win after a United States court dismissed claims filed by the SEC that the exchange violated securities laws via the initial BNB secondary sales. With the current Binance top executives, led by CEO Richard Teng, focused on quality customer service, it is safe to assume the network will continue to grow in the coming years.
As we recently reported, the Binance team will conduct its Second Sunset Fork to merge the BNB Beacon chain with the BSC Chain.
Altseason on the Horizon
After more than a year of impressive bullish performance, Bitcoin price will begin to be outshined by the altcoin industry soon. Most of the altcoins are trading in their bear market lows against Bitcoin, but the trend will soon change.
Moreover, Bitcoin dominance is on the cusp of a macro reversal, which will accelerate the ongoing crypto cash rotation. As CNF previously reported, the inevitable final approval of spot Ether ETFs in the United States will trigger a fresh altcoin season ahead. In this regard, it is safe to assume that more investors will tap into the BNB ecosystem, which has deep liquidity and the necessary infrastructure to support more traders.
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