- BNB price started rising after touching $565 on the chart
- There are also indicators and indicators that suggest price increases.
The recent market crash caused most altcoins to crash by double digits; BNB I acted differently. The altcoin seemed to be holding its ground better than other altcoins as its market capitalization did not fall much in the past 24 hours.
BNB is better than others
according to coin market cap, the market crash affected the price of BNB, its value fell by 4.5% in 24 hours. At the time of this writing, the coin is trading at $593 and has a market cap of over $88 billion.
Now, even though the drop on the charts was steep, BNB is still performing better than most top coins. for example, Ms. Solana [SOL] Prices fell more than 11%, but dogecoin [DOGE] depreciated It increased by more than 13%.
AMBCrypto’s analysis of Hyblock Capital data reveals that BNB liquidation value has soared around $565. Immediately after that, the altcoin gained momentum in price growth, minimized losses in 24 hours, and began to show signs of recovery.
Source: Hyblock Capital
BNB’s price volatility during the week also remained fairly low considering the market crash. This also shows that the coin is holding firm and its value has not fallen alarmingly.
Interestingly, while the price trend of BNB turned bearish, investor confidence in this coin remained high. This was evidenced by the fact that BNB’s weighted sentiment graph has skyrocketed over the past few days.
Source: Santiment
BNB could be cut off from the market
The price of BNB did not fall that much, so there are signs that this coin could be the first cryptocurrency to recover from the bear market. To see if that’s possible, AMBCrypto analyzed Santiment’s data.
According to our analysis, BNB’s open interest has started rising in the past few hours along with the price. A rising indicator usually indicates that the current price trend is likely to continue. Furthermore, BNB’s funding rate turned red. In general, prices tend to move in the opposite direction of funding rates. In this particular case, that means BNB is turning bullish.
Source: Santiment
We looked at the daily chart to get a better idea of which direction the coin is headed. We found that the coin’s Relative Strength Index (RSI) is above the neutral zone.
Moreover, Chaikin Money Flow (CMF) also gained momentum in its upward move and was well above zero. This is a sign that capital is flowing into the Binance Coin market.
Source: TradingView
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Here, it is worth noting that while the coin’s indicators and indicators have appeared to be bullish, the network activity on the BNB chain has been declining recently.
An examination of Artemis data revealed that after a spike on April 8, both the blockchain’s daily active addresses and daily transactions declined sharply. Therefore, traders should still be cautious when dealing with BNB in the short term.
Source: Artemis
