BNB Fades Away From All-Time High: What’s Next?
Binance Coin, BNB has fallen since it touched an all-time high this month as crypto assets soared on the back of surging market activity. The wider market has also dropped in the same window as sentiments plunge to touch lows not seen in months. To put it in perspective, the crypto market cap plummeted above $2.6 trillion to present figures at $2.38 trillion, a 2% gain in the last 24 hours.
BNB has recorded significant inflows this way and trades with the market directions. The midweek rebound has seen the asset pick up price gains as inflows trickled in. This sparked debate along community lines on the asset’s direction in the market. While some believe a short-term rebound is on the horizon others opine a longer-term bull run to hit those levels.
BNB Declines Post-Highs
BNB hit an all-time high of $720 on June 6 but has seen huge gains wiped off since that mark. The asset exchanged hands at $594 below multiple resistance levels as sentiments plunged. While trading 17% below the all-time high, day trading has ignited bullish action towards an upward movement.
The asset is up 2.74% in the last 24 hours while the weekly position plummeted 5.76%. Trading volumes are also down 17% spurring talks of low market volumes.
Data from BscScan shows a 56% surge in BNB token transfers from May 29 to June 3 which propelled the asset to a new all-time high. BNB joined the number of crypto assets to hit new highs this year after significant inflows from institutional investors.
Is a Rebound On The Horizon?
Factors that could spur the assets to a new all-time high include a swing in macroeconomic factors, industry, and coin volumes. This year, altcoins posted inflows after an upward movement in Bitcoin price. Market commentators opine that a drive above $70k will lead to a rally in altcoins and meme coins. The upcoming U.S. elections and a regulatory shift are also factors that could lead to wider gains.
Also Read: 3 Meme Coins To Buy Amid Market Recovery
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