Considering the ascending wedge emerging on the 24hr chart, BNB holders should beware that the 5th leading crypto can embark on bearish runs.
BNB remains the only token among the top 5 digital assets to record impressive gains within the past week, gaining around 14%. Meanwhile, Bitcoin and Ethereum gained 2.05% and 2.42%, respectively, within that timeframe (Coinmarketcap data).
Binance Coin witnessed some of its crucial metrics recording growth within the past week. For instance, the network’s weekly users increased by 3.8%. That saw the chain’s weekly transactions increase by 5.5%.
Also, the BNB Chain noted a 5.8% surge in average daily users. Though the platform’s activity surge supported BNB’s price uptick, investors should remain cautious as the altcoin might see a bear rally.
BNB Price Performance
While publishing this content, BNB traded at $328.01. While one could expect a matching increase in trading volume within the past seven days, BNB’s trading volume exhibited lows.
After hitting the 2.12 billion daily high on August 3, the trading volume lost the strength to explore the 1.06 billion levels within the past few hours. This metric lost more than 20% within the past seven days.
The daily chart shows the altcoin in green. However, BNB might witness price declines in the upcoming days. Its RSI (Relative Strength Index) approached the overbought level, reading 66.88. Also, the ongoing accumulation saw BNB’s Money Flow Index at 71.53.
At the same time, the Moving Average Convergence Divergence flashed green bars. Meanwhile, the (underway) bearish breakout at the climbing wedge might support downside price actions in the coming trading days.
Whale activities by the category holding 100,000 – 1,000,000 BNBs contributed to the asset’s impressive price surge within the past seven days. Their balances increased to 6.749% of BNB’s overall supply at this publication.
However, the social front didn’t highlight much traction. Binance Coin saw its social dominance falling by 19% within the last seven days. Also, its social volume plummeted by 79%. While publishing this content, weighted sentiment maintained a negative number -0.712%.
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