By Nathan Ferguson
Binance Coin investors show impressive signs as the cryptocurrency market witnesses turmoil amid bearish dominance. BNB price discovered a support floor at bottom areas near $390. The alt gained ground as Binance expanded its presence worldwide in the cryptocurrency industry.
BNB witnessed the highest whale transactions within the past 24 hours, exploring levels seen in early March. While publishing this content, Binance Coin traded at $396.95, with a brief 0.73% drop within the previous 24 hours.
Binance Coin Ready for Near-Term Rally
The past couple of days saw Binance Coin’s price hovering within $385 – $405. Furthermore, the price has dropped 3-times from the $408 level, the 50-day Simple Moving Average. Nevertheless, the price has kick-started an upside rally within an ascending channel. BNB has a higher probability of breaking past the 50-day moving average. Therefore, moving past the $408 mark would see Binance Coin on a near-term rally.
On-chain analytic company Santiment tweeted (30 April) about the surging whale transactions count within the previous 24 hours. According to the BNB Whale Transaction data, the alt’s price touched a local high after seven weeks as large wallet investors scooped Binance Coin amid dips.
Binance Coin witnessed its highest whale transactions grouping since the early sessions of March. A spike in transactions worth over $100,000 typically predicts a shift in price directions. That is the current case with BNB. However, enthusiasts should act with care as the highest surge happened at a local high.
Therefore, the on-chain metrics authorized an upcoming BNB rally as whales could propel the token past the $420 value area in the near term.
WhaleStats also confirms whales accumulating BNB over the past couple of days. Leading exchanges such as Bybit, FTX, and Binance recorded exchange outflows of over 200,000 Binance Coin. Thus market participants can expect price upticks from current areas as whale accumulation indicates an optimistic momentum.
Binance Ready to Dominate the Crypto Space
Binance became the world’s leading exchange in daily transactions as the network lists more BNB crypto pairs. Moreover, the platform accepts crypto listing for zero fees. The platform appears dedicated to dominating the cryptocurrency world as it expands to different locations with several financial products. Furthermore, Binance plans to provide board seats for top venture capitalists as the exchange sees public listing in the United States market.