It looks like the cryptocurrency market has decided to close the week on a bearish note. It’s been a while since the world’s first cryptocurrency by market cap is struggling to sustain above $40,000. The majority of the altcoins including its lead, Ethereum, is trading on a red candle dragging other cryptocurrencies like XRP, Binance coin, and Solana among many others.
However, Binance Coin traders look to see a price rally soon as the currency is showing more confidence amidst the bear market.
Binance Coin Is Up For Some Positive Move
Over the last few days, Binance Coin is fluttering between $385 and $405 mark after the currency has declined thrice from $408 mark, the 50-day SMA. But in an ascending channel, the Binance Coin has started its journey once again with a probability of breaking above the 50-day MA level and strongly heading towards $408.
Santiment, an on-chain analytics firm took to Twitter on April 30 stating that there is a surge in the whale transaction over the last 24hrs and the firm further says according to the Whale Transaction data of Binance Coin, the currency’s price has reached a local top after 7 weeks of whale accumulation of BNB at the lower level.
Thus, with this the Santiment data confirms that BNB is up for rally as whales might even push the price towards $420 mark in the near future
Also according to the data of WhaleStats, in the last few days, whales have been grabbing Binance Coin wherein more than 200,000 BNB exchange outflows were recorded from exchanges like Binance, FTX, and Bybit. Hence, this is the reason that price is expected to rally from the current levels.
Binance Dominance Increase
Today, Binance is one of the world’s largest exchanges concerning daily transactions and it allows users to list cryptocurrencies for no fees.
The crypto exchange is just not limited to one place, it’s gaining dominance with its expansion to different other regions offering various financial products. As Binance is planning to seek public listing in the US market, the exchange plans to offer big venture capitalists board seats in the company.
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Source: https://coinpedia.org/altcoin/bnb-price-short-term-rally-on-horizon/