BNB has recently fallen below the critical $500 support mark, signaling the continuation of a bearish trend. This decline reflects increased selling pressure and growing bearish sentiment within the cryptocurrency market. 

As BNB slips under this significant threshold, analysts and traders are closely watching for further downward movement, potentially targeting lower support levels. The breach of the $500 mark is a key indicator of ongoing market weakness, suggesting that BNB may face continued challenges in the near term.

With the help of technical indicators to provide comprehensive insights into potential future movements, key support levels to watch, and strategies for investors and traders to navigate the ongoing downturn, this article explores the bearish sentiment surrounding BNB’s price. 

At the time of writing, BNB’s price was down by over 10%, trading at about $471, with a market valuation of more than $69 billion and a trading volume of more than $2 billion. In the last 24 hours, the market capitalization of BNB has dropped by 10.88%, while trading volume has increased by 37.43%.

Technical Indicators Highlight Sustained Bearish Market Conditions

The price of BNB on the 4-hour chart is actively bearish trading below the 100-day Simple Moving Average (SMA). As of the time of writing, the price has made a huge drop below the $500 support mark which has triggered more bearishness for the crypto asset.

With the formation of the 4-hour Moving Average Convergence Divergence (MACD), the price of BNB is set to face further decline as the MACD histograms are trending below the zero line with strong momentum. Also, the MACD line and signal line have sharply dropped and are trending below the zero line with a good spread.

On the 1-day chart, it can be observed that BNB is trading below the 100-day SMA and is attempting to drop the third bearish candlestick in a row with strong momentum. This development suggests that the price is still actively bearish and may continue to decline.

Lastly, the 1-day MACD signals a potential further decline in the price of BNB since the MACD histograms are trending below the zero line with strong momentum. Both the MACD line and the MACD signal line are also observed to be trending below zero after a cross below it.

What To Watch Next For BNB

Current analysis reveals that the price of BNB could be heading toward the $357 support level. If BNB’s price reaches the $357 support level and breaks below, it may continue to drop to test the $202 support level and potentially move on to challenge other lower levels if it breaches the $202 level.

However, should the crypto asset encounter a rejection at the $357 support level, it will begin to move upward toward the $500 level once again. If it moves above this level, it may continue to climb to test the $635 resistance level and potentially move on to test other higher levels if it breaches the $635 resistance level.

Featured image from Adobe Stock, chart from Tradingview.com

The first week of July has been a difficult one for the market. But amid the growing sell-offs, crypto whales loaded their wallets with some altcoins that some may term undervalued.

Whales are large investors, and their influence on price cannot be underestimated. Therefore, market participants may need to keep an eye on Dogecoin (DOGE), Optimism (OP), and Pepe (PEPE), as they are among the altcoins crypto whales bought this week.

Dogecoin (DOGE) Large Holders Overlook The Decline

Like other cryptocurrencies, the price of DOGE tumbled. Specifically, the value has dropped by 23.76% in the last seven days. 

However, this did not stop crypto whales from buying more of the coin. BeInCrypto observes this after evaluating the Large Holders Inflow shown by IntoTheBlock.

This inflow shows strong buying activity by market participants who hold between 0.1% to 1% of the cryptocurrency.  On Tuesday, July 2, the inflow was 61.88 million DOGE. 

But one day later, the inflow reached 516.08 million, suggesting that whales were buying the dip. Currently, the figure has decreased to 215.90 million. 

At an average price of $0.11, crypto whales bought $23.74 million worth of Dogecoin in the first week of July. This is a 175.44% increase from the holdings in the last week of June.

Optimism (OP) Whales Ignore the Unlocks, Bullish About the ETF

Second on this list is OP, the token of the layer-two blockchain built on Ethereum.  This week, OP’s price has fallen by 27.82%. Apart from the broader market decline, OP’s decline can be linked to the series of token unlocks between July 1 and 5.

While the unlocks put selling pressure on the price, crypto whales decided to scoop the token at discount prices. 

According to Santiment, whales hodling between 1 million to 10 million OP added to their balance in the first week of this month. As a result, this cohort now holds 11.27% of the total OP  supply.

Read More: What Is Optimism?

The decision seems to be largely due to the upcoming Ethereum ETF approval. For most market participants, the official trading of the products may raise ETH prices.

Since ETH shares a strong correlation with OP, whales deem it fit to buy the token lower before the potential rally begins. 

Whales Put Pepe (PEPE) At the Top of the Chain

A look at PEPE’s Large Holder Netflow shows a staggering 2237.18% increase in the last seven days. This means the crypto whales buying PEPE outpaced those selling it by the abovementioned ratio.

Despite intensifying their purchase, the accumulation has had little to no effect on PEPE’s price. At press time, PEPE trades at $0.0000078— the lowest price it has hit since May 4.

If these large investors continue to buy the token as the price dips, stability may eventually appear. 

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

However, considering the current market condition, whale accumulation alone may not be enough to prevent prices from further declining. This is because Bitcoin (BTC) seems to be the crypto dragging the market back. 

Should BTC fail to stop its correction, DOGE, OP, and PEPE may continue to face downward pressure. However, a rebound for the number one cryptocurrency may prevent another nosedive.

A crypto analyst has identified key indicators that point to a substantial rally for XRP, the native token of the XRP Ledger (XRPL). According to the analyst, XRP is poised to rebound from its bearish trends and soar to new all-time highs 

XRP To Mirror 2017 Rally To New Highs

In an X (formerly Twitter) post in June, crypto analyst, Tylie Eric expressed bullish optimism about XRP, emphasizing the cryptocurrency’s potential for a major rally this year. He shared an XRP price chart depicting the cryptocurrency’s price movements from as early as 2014 to 2025.

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Eric disclosed that XRP has met all the necessary requirements and conditions to support a potential bull rally to new highs. The analyst also revealed that XRP is completely prepared to continue with “wave 3 and wave 5” of the renowned Elliott Wave Theory. 

The Elliott Wave Theory is a tool used to determine price movements in a cryptocurrency. The technical analysis is based on viewing long-term recurrent price patterns in a cryptocurrency.

In his post, Eric disclosed that XRP was currently displaying similar patterns and conditions to those seen during its bull rally in 2017. Earlier in 2017, XRP witnessed a massive price rally, which preceded its surge to new all-time highs of $3.84 in 2018.

Eric has suggested that XRP’s price action was displaying the same bullish patterns, as a result, he has projected a substantial price increase to $36.36 before the end of 2024. The analyst also revealed that XRP will have to witness a whopping 7,637.22% surge for it can reach the projected price target. 

Despite being a cryptocurrency analyst, Eric is an avid supporter of the XRP cryptocurrency. The analyst has constantly made bullish predictions for the altcoin, anticipating potential rebounds from bearish sentiment. Moreover, the crypto analyst revealed in his earlier post that XRP’s price action was significantly “boring.” This could be attributed to the cryptocurrency’s recent downward spiral. 

As of writing, the price of XRP is trading at $0.45, reflecting a 4.12% decrease in the past 24 hours and a 11.71% drop over the past month. The popular cryptocurrency has continually recorded steep declines since the beginning of June. 

Previously, the cryptocurrency was consolidating slightly above $0.5, however now the cryptocurrency is on a major downward trend, triggered by market volatility and Ripple’s ongoing legal battle with the United States Securities and Exchange Commission (SEC).

Bullish Sentiment Rises

Despite its waning value, XRP’s bullish sentiment from crypto analysts continues to rise. A particular crypto analyst identified as ‘Egrag Crypto’ predicted that the altcoin was getting closer to the Fibonacci (Fib) 1.618. The analyst disclosed that this unexpected development could indicate possible areas for a price reversal or continuation in XRP. 

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Egrag Crypto also shared a price chart depicting XRP’s price actions from 2014 to 2024. In his post he emphasized that if history repeats itself XRP could potentially see a price surge to $27. The analyst has urged investors to remain prepared and optimistic about XRP’s projected surge to to $27. 

Featured image created with Dall.E, chart from Tradingview.com