- In the last seven days, Binance Coin (BNB) showed more positive trends among the top 5 crypto assets.
- Despite the overall market decline, BNB saw less decline in the last seven days.
- However, BNB remained below zero in funding rate, indicating a negative market sentiment.
Despite a rocky week in the crypto market, Binance Coin (BNB) exhibits a stable performance, showing less decline compared to other top cryptocurrencies. However, a negative funding rate suggests a dominant bearish sentiment.
BNB Outperforms Top Cryptocurrencies
While the top five cryptocurrencies experienced declines over the past week, Binance Coin (BNB) stood out with the smallest decrease. Data from CoinMarketCap reveals that BNB is the only asset among the top five that has yet to experience a decline in the past seven days. In contrast, Bitcoin (BTC) and Ethereum (ETH) witnessed declines of over 3% and 7%, respectively, during the same period. Meanwhile, BNB saw a slight increase of less than 1% over the last seven days.
Stable Price Trend for BNB
Analysis of BNB’s daily price trend over the past seven days indicates a lack of significant movement, explaining the absence of notable uptrends or downtrends. As of this writing, BNB was trading at around $590, with a less than 1% increase. The Bollinger Band analysis suggests a period of low volatility, indicating a stable movement with no significant fluctuations. However, this stability also suggests the potential for increased volatility shortly. The Relative Strength Index (RSI) indicates a continuing bullish trend for BNB, with the RSI slightly below 55 and showing no significant deviations.
Negative Market Sentiment for BNB
Despite BNB’s stable performance, the market sentiment remains negative. The Funding Rate on Coinglass for BNB indicates a negative value, suggesting prevailing seller dominance in BNB trading. Standing at around 0.0092% at press time, with indications of a climbing trajectory, the Funding Rate earlier dipped to as low as 0.0218%. This trend signifies that most traders are opting for short positions on BNB, anticipating further price declines. The liquidation chart reinforces this sentiment, with a short position liquidation volume of approximately $143,000, compared to a long position liquidation volume of around $243,000. However, a significant upward price trend could potentially liquidate these short positions, posing a risk to traders betting against BNB’s price.
Conclusion
In conclusion, despite a turbulent week in the crypto market, Binance Coin (BNB) has shown resilience with a less significant decline compared to other top cryptocurrencies. However, the negative funding rate and dominant bearish sentiment suggest that traders should tread cautiously. The market’s stability could potentially lead to increased volatility, and a significant upward price trend could pose a risk to traders betting against BNB’s price.
