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Here’s what ‘happy’ BNB sellers mean for the market

2min Read

BNB sellers extended gains beyond the range low of $303. A breach below $300 could offer more shorting gains.

BNB sellers grab gains, inflict bearish breakout

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Binance Coin [BNB] sustained more losses after inflicting a bearish breakout over the weekend. It has been trading between $315.5 – $303 for the past three weeks. The weekend downswing followed Bitcoin’s [BTC] sharp drop from $27k to around $26.8k at press time. 

A weak BTC means that sellers could continue to overrule BNB’s market, unless BTC changes course during the week.

When will bulls see reprieve?

Source: BNB/USDT on TradingView

Since mid-April, BNB has been in a downtrend momentum on the lower timeframe charts, specifically the 4-hour chart. The second half of May set BNB into an extended price consolidation within $315.5 – $303. 

The short-range formation extended into early June, but sellers shredded the range low of $303 after BTC lost hold of $27k on 4 June. In addition, a trendline resistance stretches from mid-April, indicating BNB is yet to reverse its downtrend momentum. 

With the higher timeframes also firmly bearish, sellers could continue to control BNB. Southwards, the $294 and $286 levels are worth watching if the $300 psychological and support level cracks. 

Alternatively, bulls could regain a little leverage if BNB comes close above the range low of $303. However, they must clear the confluence area of the mid-range and trendline resistance near $309 to target the range high of $315.5. Such an upswing could be likely if BTC reclaims $27k and surges. 

Meanwhile, RSI hit the oversold zone while OBV dipped, highlighting a considerable decline in buying pressure and demand. 

Negative sentiment amidst whale actions

Binance Coin BNB Santiment

Source: Santiment

Is your portfolio green? Check out the BNB Profit Calculator

BNB recorded over 15 whale actions transacting >$1 million each between weekend and press time. Moreover, whale action coincided with BNB’s sharp drop from $307.8 to below $300, seen before press time. 

Similarly, trading volume has declined significantly since the end of May, dropping from over $550 million to below $400 million at press time. Sentiment also registered fluctuations in the same period but was deep in the red at press time, denoting investors’ bearish outlook.  


Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
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