BNB Drops After Whale Moves $103 Million: What’s Next for Binance Coin?

• Binance native coin BNB has suffered similar bearish sentiment as Bitcoin in the past few months after reaching a new all-time high.
• An anticipated altseason in the near future triggered by the final approval of spot Ether ETFs and a reversal in BTC dominance will send BNB price to its parabolic phase.

Amid the heightened crypto volatility fueled by institutional investors, Binance Coin (BNB) has registered a notable spike in whale activity. According to on-chain data provided by BscScan, a whale named Capybara_bnb deposited 200k BNB, worth about $103 million, to the Binance exchange earlier this week.

As of this writing, the Capybara_bnb whale holds about 203,609 BNB, worth around $103 million. With heightened crypto fear, which stands around 25 percent based on the fear and greed index, more sales by Capybara_bnb could trigger further BNB price capitulation ahead.

Midterm BNB Price Expectations

The BNB price action has closely mirrored that of Bitcoin in the past, thus expected to follow similar price action ahead. Most crypto analysts believe that the crypto industry will enter into a fakeout consolidation before a major bullish breakout later this year.

As a result, BNB’s price could drop as much as $450 in the coming weeks before establishing a reversal pattern. Furthermore, BNB price on the daily time frame has formed a possible double top coupled with a bearish divergence on the weekly Relative Strength Index.

The large-cap altcoin, with a fully diluted valuation of about $80 billion and a daily average traded volume of around $1 billion, has dropped around 14 percent in the past four weeks to hover about $528 on Friday

, July 12, 2024.