BNB’s Relative Strength Index went up slightly from the oversold zone, which could be considered as a positive signal. Additionally, its Chaikin Money Flow also followed the same trend and increased slightly. However, the Moving Average Convergence Divergence indicator favored the bears.Source: TardingViewIt was interesting to note that despite the massive price drop, positive sentiment around BNB surged over the last few days.
Whale interest in BNB also declined, as evident from the number of whale transactions. The coin’s velocity registered a decline, meaningBNB’s Price PredictionTo add to the bearish sentiment, CoinGlass’ chart gave more reasons to be concerned. As per the data,Increasing open interest represents new or additional money coming into the market. Therefore, an increase in open interest implies that the current market trend might not change anytime soon.