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BNB holders are unphased by market conditions; the reason might impress you

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BNB’s price immediately rallied from $325 to $388 after CZ’s tweet Buying pressure had waned significantly at press time Following Binance CEO Changpeng Zhao’s confirmation of the existence of a non-binding Letter of Intent to acquire cryptocurrency exchange FTX, BNB’s price immediately surged by over 20% post short liquidations, data from Santiment revealed. Read BNB’s […]

, BNB’s price immediately rallied from $325 to $388 after CZ’s tweet. In addition, as per Santiment, BNB’s funding rate on Binance and FTX dropped to six-month lows, leading to the quick price surge.However, as uncertainty grew about whether Binance would eventually go through with the acquisition, BNB’s price started to correct. Shedding all of its gains, it traded at a low of $304 three hours after trading at a high of $388.At press time, BNB traded at $315.

A look at BNB’s performance on a 4-hour chart offered a hint as to where the market might be headed. Buying pressure had waned significantly at press time as sellers went on a coin distribution rampage.

 

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