CoinMarketCap data shows the coin’s price has increased by more than 6% over the past seven days. But it has fallen over the past 24 hours as the coin’s chart turned red.
At the time of writing, BNB is trading at $577.01 with a market capitalization of over $84.2 billion, making it the 4th largest cryptocurrency. The recent price drop is not unforeseen.
AMBCrypto looked at Santiment data and found that investors have lost confidence in BNB over the past few days, which is evident in the decline in the coin’s weighted sentiment. The coin’s social media trading volume has also dropped, reflecting the coin’s decline in popularity.
BNB Social Trading Volume Declines
Meanwhile, Ali, a popular crypto analyst, posted a tweet hinting at a continued price drop. According to the tweet, BNB’s TD chain has flashed a sell signal.
Therefore, AMBCrypto dug deeper to find out how much the coin’s price could fall in this new week.
A Closer Look at the State of BNB
AMBCrypto's analysis of the coin's Fear and Greed Index shows that it is at 61% at press time, meaning the market is in a "greed" phase.
Whenever this indicator reaches this level, it indicates that the possibility of a price correction is very high.
Additionally, Coinglass data points to another bearish signal. In our view, the BNB long/short ratio has recorded a sharp decline. This means that there are more short positions in the market than long positions, indicating that the bearish sentiment around the coin is increasing.
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