Binance Coin Price Prediction: Traders Losing Patience But Whales May Be Setting a Trap
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BNB Coin (BNB) has been a laggard during this latest bullish cycle as its price has gone up by 11.7% in the past month while its rivals Ethereum (ETH) and Solana (SOL) have booked gains of 43.5% and 19.4% respectively during this same period.
At a point when Bitcoin (BTC) has made a new all-time high, traders may be losing their patience with the native asset of the BNB Chain as it has failed to deliver the kind of gains that they would normally expect.
Alphractal, a crypto analytics firm, noted an interesting divergence in on-chain data between whales and retail investors’ activities.
It appears that whales have been shorting BNB at a faster pace than retail investors. Does the market’s ‘smart money’ know something that lay investors don’t?
On-chain data shows that BNB is the only token that is experiencing this kind of selling pressure from whales.
Whales may be shorting BNB to trap bears and eventually pull a short squeeze by pushing the price higher to trigger a large volume of stop orders. This would result in a sharp short-term climb for BNB Coin.
If this turns out to be the case, it would support a bullish BNB Coin price forecast in the near term.
BNB Coin Price Prediction: Bullish Breakout Could Push BNB to $828
Looking at the daily chart, BNB has found strong selling pressure at around $690, but is still on an uptrend as shown in the chart.
The token’s short-term exponential moving averages (EMAs) have sent buy indicators as the 9-day and 21-day EMAs have made a ‘golden cross’ above the 200-day EMA.
Meanwhile, momentum indicators show solid trend strength as the Relative Strength Index (RSI) currently stands at 62.
It is highly likely that BNB will retest the $690 shortly. The key psychological resistance to watch for this token would be the $700. A bullish breakout above this level could mark the beginning of a strong uptrend and may confirm a short-squeeze.
The first target for a short-term BNB Coin price prediction could be set at $828 based on the ascending triangle’s height, which is typically used as a reference.
As the crypto market continues to recover, the best crypto presales like Best Wallet will likely outperform well-established tokens like BNB Coin (BNB). Here’s what makes this new token so attractive for early buyers.
Best Wallet (BEST) Raises Nearly $13M to Launch Its New Crypto Wallet
Best Wallet (BEST) plans to become the ultimate Web 3 storage solution by introducing new features and tools that help users make the most out of their crypto holdings.
This solution supports assets in 60 different blockchains and will soon launch a low-fee decentralized exchange (DEX).
In addition, a tool called Upcoming Tokens helps investors identify the most promising initial coin offerings (ICOs) like Pepe Unchained (PEPU), whose crypto presale delivered 500% gains to investors this year.
$BEST is the utility token of the Best Wallet ecosystem. Once the solution is embraced by a high number of users who enjoy this wallet’s low swap fees and other attractive tools, its price will explode.
To buy $BEST at its discounted presale price of $0.025085, head to the Best Wallet website and connect your wallet or you can download the Best Wallet app in case you don’t have one.
You can either swap USDT or ETH for this token to make your investment or use a bank card.
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