The bears were staying longer than expected in the crypto-verse. Bitcoin [BTC], Binance Coin [BNB], Cardano [ADA] were all seen enduring a major loss. Almost every coin in the market was seen experiencing double-digit reductions. Bitcoin took a major hit as it retraced to $32K with a 9% drop in the last 24-hours. As BTC’s market cap slumped the overall crypto industry’s number also went on to sink to $1.51 trillion.
After witnessing radical growth since the beginning of the year Binance Coin [BNB] was seen losing out on all the gains it garnered. The bears undoubtedly took this asset down. However, it did not steer away from the top five. As the altcoin’s market cap was at $54 billion it retained itself as the fourth-largest cryptocurrency.
During the time of writing, BNB was trading for $348 with a 13.50% dip over the last 24-hours. Recently, the altcoin managed to rise up to $405, however, it was quick enough to fall.
Binance Coin [BNB] four-hour price chart
The bears were seen resting in the four-hour price chart of BNB. The Parabolic SAR indicator revealed that the bulls recently ended their stay in the BNB market as it formed a dotted line over the candlesticks, earlier today. This line further limited the chances of an uptrend. The MACD line has remained below the signal line since the 3rd of June and the indicator seemed to be persisting this bearish trend.
The Chaikin Money Flow [CMF] indicator followed a similar notion as it was seen residing in the bearish zone. The CMF marker dropped below the zero median last night and seemed to be going further down.
Looks like the Binance coin was being immensely sold. The four-hour price chart of BNB pointed out that there was limited buying activity in the market. The Relative Strength Index [RSI] indicator was close to the oversold zone. The RSI marker was at 35 median, which is considered to be a sellers’ arena.