A Closer Look at BNB’s Consistent Performance During a Difficult Week
- Over the past seven days, BNB has experienced a smaller decline.
- The BNB funding rate remained below zero.
Assets in the top five crypto market capitalization have declined over the past seven days, with binance coin (BNB) showing the smallest decline.
However, despite the relatively minor decline in BNB, current market sentiment remains negative.
Binance Coin shows less decline
AMBCrypto’s analysis of CoinMarketCap data found that BNB stands out as the only asset among the top five cryptocurrencies that, at the time of publication, had not yet experienced a decline in the last seven days.
Bitcoin (BTC) and Ethereum (ETH), on the other hand, fell more than 3% and 7%, respectively, over the same period. Meanwhile, over the past seven days, the BNB has seen a slight increase of less than 1%.
BNB Price Trend Analysis
A look at AMBCrypto BNB. The daily price trend over the past seven days indicates no significant movement, which explains the lack of significant bullish or bearish trends.
At the time of writing, BNB was trading at around $590, down less than 1%. Additionally, Bollinger Bands analysis suggests a period of low volatility.
The movement seemed relatively stable and did not fluctuate significantly.
While this stability can be viewed positively, it also suggests the possibility of more volatility in the short term.
Additionally, the Relative Strength Index (RSI) indicated a continued bullish trend for BNB, with the RSI slightly below 55 and not showing significant deviation.
Negative sentiment dominates BNB
AMBCrypto’s study of the BNB Glass Coin funding rate showed a negative value, suggesting a dominant seller dominance in BNB trading.
At the time of publication, the rate was around 0.0092% with signs of an upward trajectory. Previously, the funding rate dropped to 0.0218%.
This trend has meant that most traders are favoring short BNB positions. This meant that they expected prices to fall further.
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Additionally, the liquidation chart reinforces this view, with short liquidation volume of approximately $143,000 compared to long liquidation volume of approximately $243,000.
However, a significant upward price trend could liquidate these short positions, creating risk for traders betting against the BNB price.
This is an automatic translation of our English version.