The price of BNB has experienced a 24.5% decline over the past 90 days, despite a 7% gain between July 10 and July 11. BNB (BNB) has performed worse than the overall altcoin market, indicating that the underlying cause for the bearish momentum persists.
It is highly likely that the correction in BNB’s price can be attributed to the lawsuit filed by the U.S. Securities and Exchange Commission against Binance and its CEO, Changpeng “CZ”s Zhao, on June 5, as the decoupling coincides with that event.
To gain a more comprehensive understanding of the situation, analyzing derivatives contracts provides valuable insights into the positions of whales and market makers.
Is the recent BNB price rally sustainable?
This analysis should highlight whether the surge above $245 on July 11 is supported by an improvement in sentiment or a balanced demand for leverage through BNB derivatives.
Price is undoubtedly the most important metric for understanding traders’ sentiment, but it does not encompass all possibilities. For instance, between August 2022 and September 2022, BNB outperformed the altcoin market by 19%.
Regardless of the rationale behind BNB’s rally in 2022, one might conclude that the recent 90-day negative 24.5% performance re
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Author: Marcel Pechman
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