Binance Coin (BNB) Tries Recoveries, but This’s What Awaits Ahead

This week proved a historical one for the crypto market. The week witnessed substantial price plummets by mist digital tokens, translating to crashes on exchanges.

The other hand had HODLers advising traders to paper hand, while others exited to rescue their remaining investments.

Besides all this, market players witnessed UST stablecoin de-pegging from the dollar tie. That saw Terra’s LUNA hit hard. Moreover, many exchanges delisted the alternative token.

As the marketplace started healing on May 14, Binance Coin gained 10% to overtake LUNA as the 4th largest as far as trading volume is concerned. What else from this token?

Lows after Upticks

May 13 intraday trading saw BNB registering a $312.27 high. The upside stance triggered spikes in the token’s trading volume to $3.07 billion. That places Binance Coin as the fourth largest token by trading volume.

However, downside retracement emerged 24 hours later. While publishing this blog, the altcoin price hovered around $287.65, showing a 4% drop. Also, trading volume plunged by a staggering 55.42% in the same timeframe.

Also, BNB had its market cap on the $51.04 billion highs yesterday before a swift 8% decline in 24 hours to $46.9 billion. Also, the Money Flow Index and Relative Strength Index attempted upswings yesterday before dropping to 20 and 32 at this publication.

That highlighted surged selling momentum for Binance Coin over the past 24 hours. Meanwhile, the temporary surge attracted profit-taking by investors, pushing BNB prices further down.

On-Chain Front

Besides the narrative from price charts, the chain’s data showed substantial traction for BNB when the crypto space recorded recoveries yesterday.

BSC Scan data indicated a significant increase in the BNB network’s transaction count, witnessing a surge never seen on the platform since December 2021.

Nevertheless, the upward move encountered a reversal within 24 hours. Also, the platform’s Active Addresses depicted an 8% drop, the metric hovering around 16.2K at this publication.

Similarly, the token’s social front indicated amplified transactions on the Binance Coin Network. The crypto recorded a 2,821 Social Volume high yesterday.

However, the metric dropped by 80% to 483 at this publication. The Social Dominance had nothing substantial as it maintained steady downtrends since May 11.