acted differently. The altcoin seemed to hold its ground better than others, as it didn’t shed much of its market capitalization over the last 24 hours., the market crash did have an impact on BNB’s price as its value dropped by 4.5% in 24 hours. At the time of writing, the coin was trading at $593, with a market cap of over $88 billion.AMBCrypto’s analysis of Hyblock Capital’s data revealed that BNB’s liquidations rose sharply near $565.
Interestingly, while BNB’s price action turned bearish, investors’ confidence in the coin remained high. This was evidenced by the fact that BNB’s weighted sentiment graph spiked over the last few days.Since BNB’s price didn’t drop much, there are signs that the coin might be the first crypto to recover from the bearish market. To see whether that’s possible, AMBCrypto analyzed Santiment’s data.
As per our analysis, BNB’s open interest started to hike over the last few hours, along with its price. A rise in the metric usually indicates that the chances of the ongoing price trend continuing are high. Additionally, BNB’s funding rate turned red. Generally, prices tend to move the other way than the funding rate. In this particular case, that means BNB is turning bullish.To better understand which way the coin may be heading, we then checked its daily chart.
Moreover, the Chaikin Money Flow also gained momentum as it went up, well above zero – A sign of capital flowing into Binance Coin’s market.Here, it’s worth noting that though the coin’s metrics and indicators seemed bullish, BNB Chain’s network activity has dropped recently. Our look at Artemis’ data revealed that after spiking on 8 April, both the blockchain’s daily active addresses and daily transactions declined sharply. Ergo, traders should still be wary when dealing with BNB in the short-term.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space.
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