Relief! What a week this has been in cryptocurrency history.
A week marked by a significant drop in prices for most cryptocurrencies, leading to massive sell-offs on exchanges. With hodlers on the one hand advising investors to wait and paper hands, on the other hand, leaving to save what was left of their investments.
In the midst of all this madness, we have also witnessed the de-pegging of the UST stablecoin. This was followed by a severe drop in the value of the Terra LUNA token, leading to its delisting from several exchanges.
As the markets began to “cure” on May 14, Binance Coin (BNB) rose 10%, replacing LUNA as the fourth largest in terms of trading volume. How else did this coin perform?
Highs then, lows
During intraday trading on May 13, BNB hit a high of $312.27. This was followed by a corresponding spike in the coin’s trading volume to $3.07 billion, making the coin the fourth largest cryptocurrency in terms of trading volume.
However, 24 hours later, a retracement occurred. At the time of writing, the coin’s price was $287.65, a 4% drop in price. Trading volume also fell by a whopping 55.42% over the same period.
Also, a record $51.04 billion in market cap yesterday, in just 24 hours, fell rapidly 8% to $46.9 billion.
In attempting an uptrend yesterday, the RSI and MFI reversed with both indicators standing at 32 and 20 at the time of writing. This indicated increased selling pressure for BNB in the past 24 hours. After the temporary pump, investors started taking profits, pushing the price of the coin further downwards.
In addition to what was gleaned from the price charts, data from the chain revealed significant traction for the token as crypto markets recovered yesterday. Facts from BSC Scan showed that the number of transactions on the BNB network increased significantly, a peak the network last recorded in December last year.
However, this uptrend reversed within a 24-hour period. A look at the active addresses on the BNB network showed an 8% drop with this stat at 16.2k at the time of writing.
Similarly, on the social front, with more trades registered on the BNB network, social volume for the coin peaked at 2,821 yesterday. However, this has since fallen by 80% and stood at 483 at the time of printing. Social dominance indicated nothing significant as it has been on a steady decline since May 11.
This post Binance Coin: BNB Is Trying To Recover, But This Is Coming
was published first on https://ambcrypto.com/binance-coin-bnb-attempts-a-recovery-but-this-is-what-lies-on-its-way/