- BNB traders were betting against the token.
- BNB set to revert recent price declines, based on technical analysis.
Binance Coin [BNB] remains one of the top cryptocurrencies, with its parent company, Binance exchange, dominating the crypto market.
Amid the ongoing detention of its co-founder CZ, BNB’s market performance warrants a detailed look at its technical and on-chain analysis.
Recent updates from Hyblock Capital suggest a “short imbalance” for Binance Coin, meaning more traders are betting against BNB, leading to bearish sentiment and potential downward price pressure.
With the decline in long positions, investors appear to be anticipating further downward movement for BNB.
BNB consolidating in ascending triangle
However, despite this sentiment, the BNB/USDT pair chart indicates a more positive outlook.
BNB’s price action shows bullish signals, particularly on the weekly chart, which reveals a consistent uptrend since early 2021, marked by higher highs and higher lows.
This ascending triangle pattern, with $450 serving as key support, suggests BNB may continue to climb.
The current consolidation within this triangle presents an opportunity for a breakout to the upside, although traders are advised to proceed with caution, as the price nears its all-time highs.
Source: TradingView
The contrast between the bullish chart and the bearish cumulative long-short delta highlights a mixed sentiment, but BNB’s price may still move higher.
Altcoins start to rise on daily chart
As altcoins begin to rise on the daily charts, BNB is well-positioned to benefit from this upward trend. The broader altcoin market is showing signs of recovery, which could lead to a BNB price increase.
The recent breakout from a 9-month falling wedge pattern in the altcoin markets signals a potential surge, with BNB expected to follow suit.
The altcoin rally, combined with improvements in market conditions, could push BNB’s price higher in the coming weeks or months.
Source: X
Holding time of transacted coins
On-chain metrics further reinforce the idea that BNB may be in a short-term correction, with potential for recovery.
The holding time of transacted coins, specifically Binance USD (BUSD) on the BNB Chain, has been increasing throughout 2024, suggesting that investors are holding onto their assets for longer, signaling confidence in BNB’s future price potential.
Source: IntoTheBlock
Crowd vs smart money sentiment
Lastly, sentiment analysis indicates that both the crowd and smart money are bullish on BNB coin.
This optimism contrasts with the short imbalance noted earlier, providing further evidence that BNB could experience higher prices soon.
Source: Market Prophit/X
Read Binance Coin’s [BNB] Price Prediction 2024–2025
Additionally, adoption of the BNB Chain is growing rapidly, particularly with the rise of memecoins on its network.
As macroeconomic factors continue to align, and with Bitcoin potentially leading a broader market recovery, BNB may soon see a significant price surge.
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