Coin (BNB) has been a laggard during this latest bullish cycle as its price has gone up by 11.7% in the past month while its rivals Ethereum ($ETH ) and Solana ($SOL ) have booked gains of 43.5% and 19.4% respectively during this same period.
At a point when #bitcoin (BTC) has made a new all-time high, traders may be losing their patience with the native asset of the BNB Chain as it has failed to deliver the kind of gains that they would normally expect.
Alphractal, a crypto analytics firm, noted an interesting divergence in on-chain data between whales and retail investors’ activities.
It appears that whales have been shorting BNB at a faster pace than retail investors. Does the market’s ‘smart money’ know something that lay investors don’t?
On-chain data shows that BNB is the only token that is experiencing this kind of selling pressure from whales.
Whales may be shorting BNB to trap bears and eventually pull a short squeeze by pushing the price higher to trigger a large volume of stop orders. This would result in a sharp short-term climb for BNB Coin.
If this turns out to be the case, it would support a bullish BNB Coin price forecast in the near term.
BNB Coin Price Prediction: Bullish Breakout Could Push BNB to $828
Looking at the daily chart, BNB has found strong selling pressure at around $690, but is still on an uptrend as shown in the chart.
The token’s short-term exponential moving averages (EMAs) have sent buy indicators as the 9-day and 21-day EMAs have made a ‘golden cross’ above the 200-day EMA.
bnb coin price prediction
Meanwhile, momentum indicators show solid trend strength as the Relative Strength Index (RSI) currently stands at 62.
It is highly likely that BNB will retest the $690 shortly. The key psychological resistance to watch for this token would be the $700. A bullish breakout above this level could mark the beginning of a strong uptrend and may confirm a short-squeeze.
The first target for a short-term BNB Coin price prediction could be set at $828 based on the ascending triangle’s height, which is typically used as a reference.
