{"id":401464,"date":"2024-06-23T09:30:04","date_gmt":"2024-06-23T04:00:04","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=401464"},"modified":"2024-06-22T17:51:06","modified_gmt":"2024-06-22T12:21:06","slug":"bnbs-road-to-recovery-tracing-the-path-to-600","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bnbs-road-to-recovery-tracing-the-path-to-600\/","title":{"rendered":"BNB&#8217;s road to recovery &#8211; Tracing the path to $600"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BNB\u2019s price declined by more than 3% in the last seven days<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Few of the on-chain metrics remained bearish, despite its 24-hour recovery<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As <\/span><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> struggled to raise its price, several altcoins like <\/span><a href=\"https:\/\/ambcrypto.com\/category\/binance-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BNB<\/span><\/a><span style=\"font-weight: 400;\"> also met a similar fate. However, things were starting to change in the last 24 hours. In fact, if the latest data is to be believed, then altcoins might soon record a bull rally, one which could allow BNB to recover from its latest losses.\u00a0<\/span><\/p>\n<h2><b>BNB turns green<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">World Of Charts, a popular crypto analyst, recently shared a <\/span><a href=\"https:\/\/x.com\/WorldOfCharts1\/status\/1804407855048724703?t=gGrOMTkkJkrifF2Ga0HaoA&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting an interesting development. As per the same, the market capitalization of altcoins is now moving inside a pattern on the charts.\u00a0<\/span><\/p>\n<figure id=\"attachment_401465\" aria-describedby=\"caption-attachment-401465\" style=\"width: 2168px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-3.47.07\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-401465 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-3.47.07\u202fPM.png\" alt=\"\" width=\"2168\" height=\"1228\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-3.47.07\u202fPM.png 2168w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-3.47.07\u202fPM-300x170.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-3.47.07\u202fPM-1024x580.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-3.47.07\u202fPM-768x435.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-3.47.07\u202fPM-1536x870.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-3.47.07\u202fPM-2048x1160.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-3.47.07\u202fPM-1200x680.png 1200w\" sizes=\"(max-width: 2168px) 100vw, 2168px\" \/><\/a><figcaption id=\"caption-attachment-401465\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In fact, the bullish falling wedge pattern emerged on the chart back in March and at press time, it was testing the lower support of the pattern. If altcoins manage to test that pattern, then investors might see altcoins rallying, in turn allowing BNB to turn bullish. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, at the time of writing, BNB already seemed to be recovering somewhat. According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bnb\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, BNB fell by over 3% in the last seven days. On the contrary, the altcoin registered some gains in the last 24 hours or so.\u00a0<\/span><\/p>\n<h2><b>Will BNB remain bullish?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Since there were chances of BNB recovering from last week\u2019s price drop, AMBCrypto took a closer look at the coin\u2019s state to better understand what to expect. As per our analysis of Santiment\u2019s data, BNB\u2019s social volume spiked sharply on 21 June, highlighting a rise in the coin\u2019s popularity in the crypto space. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, our look at CFGI.io\u2019s <\/span><a href=\"https:\/\/cfgi.io\/bnb-fear-greed-index\/1d\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that BNB\u2019s fear and greed index had a reading of 37% at press time. This meant that the market was in a \u201cfear\u201d phase. Historically, whenever the fear and greed index shows that the market is in a \u201cfear\u201d phase, it is usually followed by a price uptick.\u00a0<\/span><\/p>\n<figure id=\"attachment_401466\" aria-describedby=\"caption-attachment-401466\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BNB-BNB-15.56.23-22-Jun-2024.png\"><img decoding=\"async\" class=\"wp-image-401466 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BNB-BNB-15.56.23-22-Jun-2024.png\" alt=\"BNB's social volume increased\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BNB-BNB-15.56.23-22-Jun-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BNB-BNB-15.56.23-22-Jun-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BNB-BNB-15.56.23-22-Jun-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BNB-BNB-15.56.23-22-Jun-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BNB-BNB-15.56.23-22-Jun-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BNB-BNB-15.56.23-22-Jun-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BNB-BNB-15.56.23-22-Jun-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-401466\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, not everything was in the coin\u2019s favor. For instance, the coin\u2019s weighted sentiment was in the negatives. A drop in this metric alludes to the dominance of bearish sentiment across the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> On top of that, Coinglass\u2019 data revealed that BNB\u2019s long\/short ratio noted a sharp decline. A low long\/short ratio indicates a higher proportion of short positions relative to long positions in a trader&#8217;s portfolio. The aforementioned finding underlined the bears&#8217; dominance, with a greater emphasis on selling or shorting assets.<\/span><\/p>\n<figure id=\"attachment_401467\" aria-describedby=\"caption-attachment-401467\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.00.16\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-401467 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.00.16\u202fPM.png\" alt=\"BNB's long\/short ratio declined\" width=\"2560\" height=\"657\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.00.16\u202fPM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.00.16\u202fPM-300x77.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.00.16\u202fPM-1024x263.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.00.16\u202fPM-768x197.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.00.16\u202fPM-1536x394.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.00.16\u202fPM-2048x525.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.00.16\u202fPM-1200x308.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-401467\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"https:\/\/ambcrypto.com\/predictions\/binancecoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Binance Coin [BNB] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024-2025\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">If bears take over once again and push the coin\u2019s price down, then investors might soon see BNB dropping to $571. However, if bulls manage to beat the bears, then there are chances of BNB hitting $613 in the coming weeks.\u00a0<\/span><\/p>\n<figure id=\"attachment_401477\" aria-describedby=\"caption-attachment-401477\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.02.16\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-401477 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.02.16\u202fPM.png\" alt=\"\" width=\"2560\" height=\"1444\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.02.16\u202fPM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.02.16\u202fPM-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.02.16\u202fPM-1024x578.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.02.16\u202fPM-768x433.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.02.16\u202fPM-1536x867.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.02.16\u202fPM-2048x1155.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-22-at-4.02.16\u202fPM-1200x677.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-401477\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>BNB might profit on the price front, but only if it can sustain its recovery on the charts. <\/p>\n","protected":false},"author":75,"featured_media":401479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,6378,66,3,4,20],"tags":[],"class_list":["post-401464","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-binance-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BNB&#039;s road to recovery - Tracing the path to $600 - AMBCrypto<\/title>\n<meta name=\"description\" content=\"As Bitcoin [BTC] struggled to raise its price, several altcoins like BNB also met a similar fate. 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