BNB’s Bullish Momentum Hits 7-Day High Despite Large Wallet Transfers

BNB’s Bullish Momentum Hits 7-Day High Despite Large Wallet Transfers

• BNB price hits 7-day high amid bullish solid momentum.
• Traders embrace positive trends with increased BNB market activity.
• Potential price correction may provide a buying opportunity for long-term investors.

According to Whale Alert, on April 26, 38,829 BNB (13,147,616 USD) were transferred from an unknown wallet to Binance. However, a few minutes later, Binance sent 38,831 BNB (13,057,958 USD) to an unknown wallet.

38,831 #BNB (13,057,958 USD) transferred from #Binance to unknown wallethttps://t.co/B2DtmPsNtl

— Whale Alert (@whale_alert) April 26, 2023

Despite this, BNB’s bullish momentum was strong enough to raise the price from an intraday low of $328.81 to a 7-day high of $339.70. BNB was valued at $336.82 as of press time, a 2.23% increase from the previous day’s closing, with a market capitalization of $52,495,689,937 (a 2.22% increase), making it the fourth-largest cryptocurrency by market size.

BNB’s 24-hour trading volume increased by 11.27% to $709,467,401, indicating that traders are embracing the positive trend and expanding their BNB market activity.

BNB/USD 24-hour price chart (source: CoinMarketCap)

The bullish momentum is still in action, with the Relative Strength Index on the BNBUSD 4-hour price chart reading 60.46, indicating buyers are in charge of the market. This increase is also supported by growing trade volume, reflecting the strong market demand for BNB.

The Money Flow Index rating of 70.72 indicates that BNB is approaching overbought territory, suggesting that a price correction is likely in the near future. This shift may provide a purchasing opportunity for investors who believe in BNB’s long-term potential and are ready to endure short-term volatility.

BNB/USD chart (source: TradingView)

On the BNB price chart, the Price Volume Trend (PVT) rating of 1.891M indicates that there has been a considerable rise in buying pressure on BNB, indicating that traders are accumulating the asset.

This tendency, together with the current positive momentum, may result in a further rise in the price of BNB in the near future, making it an appealing investment possibility for anyone trying to profit from the current market trend.

With a stochastic RSI reading of 90.04 and sliding below the signal line, the bullish momentum in BNB may be decreasing, perhaps leading to a short-term price drop. This level cautions traders that it is an excellent time to take profits or tighten stop-loss orders, as the price could experience a pullback.

BNB/USD chart (source: TradingView)

BNB’s bullish momentum continues with growing trade volume, indicating strong market demand. Investors should watch for a potential price correction before buying.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

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