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Whale Watch: BNB Impact as $100M Worth Tokens Go on the Move
- A whale has invested 200,000 BNB tokens worth $103 million on the world’s largest cryptocurrency exchange.
- Despite the massive token dumping, BNB is moving above the 200 EMA, showing a bullish attitude on the chart.
The overall cryptocurrency market is experiencing extreme selling pressure due to the ongoing Bitcoin [BTC] sell-offs by whales and the US and German governments in recent days.
Amid this continued selling pressure, on July 8, Binance [BNB] whale capybara_bnb has deposited a significant amount of 200,000 BNB tokens worth $103 million on Binance, as reported by WuBlockchain Blockchain.
Whale sells $103 million worth of BNB tokens
This massive deposit by the whale has attracted considerable attention from investors and institutions, amid ongoing selling pressure in the cryptocurrency landscape.
Despite this large BNB deposit, this whale still holds a whopping 204.6K BNB tokens worth $105 million.
In addition to this BNB deposit, the market saw notable drops in other tokens, including 1,000 Bitcoin from the German government and 809 BTC from whale address “3G98jS.”
This continued dumping of tokens in the market signals significant selling pressure.
Meanwhile, a recent report highlighted that the cryptocurrency index of fear and greed has plummeted to its lowest level since early 2023, demonstrating extreme fear in the market.
However, if this crisis does not stop, we could see further sell-offs in the coming days.
BNB Technical Analysis and Key Levels
According to expert technical analysis, at press time BNB was trading at a crucial support level of $500 and moving above the 200 exponential moving average (EMA) on the daily time frame.
BNB price above the 200 EMA indicated that the asset was still in the bullish zone.
Source: TradingView
If BNB on a daily time frame gives a closing candle below 200 EMA and below the $500 level, then there could be a high probability of BNB experiencing a massive sell-off.
Furthermore, BNB could reach the $430 level, which is its next support level. However, the Relative Strength Index (RSI) also signaled a potential recovery signal as it was in an oversold area at press time.
Source: Coinglass
BNB Price-Performance Analysis
Despite the bullish outlook following the recent crash, BNB’s Open Interest (OI) increased by 1.4%, signaling mild interest from traders and investors.
Meanwhile, over the past 24 hours, bulls have seen more than $803,000 liquidated and shorts have seen $1.23 million liquidated, according to on-chain analytics firm Coinglass.
At the time of writing, BNB was trading at around $513, having seen a 3.2% increase in the last 24 hours.
Considering that the trading volume in the last 24 hours increased by 26%, which indicates increased participation of investors and traders in BNB in this bearish climate.
If we look at BNB’s performance over a longer period, it has lost 11% of its value over the last seven days. This translates to a 25% loss of its value over the last 30 days.