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- An early BNB holder sold some of his coins for a $54 million profit.<\/em><\/li>\n
- BNB moved sideways and could continue consolidating between $210 to $215.\u00a0<\/em><\/li>\n<\/ul>\n
On 8 October, one of the early adopters and holders of <\/span>Binance Coin [BNB]<\/span><\/a> sent $1.48 million worth of the coin to the Binance exchange. For holding onto the coin that long, Lookonchain revealed that the holder made a profit of $54 million on the sale.\u00a0<\/span><\/p>\n
\nIs your portfolio green? Check out the <\/span>BNB Profit Calculator<\/span><\/a><\/p>\n
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An early $BNB<\/a> holder deposited 7,005 $BNB<\/a> ($1.48M) to #Binance<\/a> again today.<\/p>\n
The early holder has a profit of more than $54M on $BNB<\/a> and currently has 5,447 $BNB<\/a> ($1.15M) left.https:\/\/t.co\/JzcPPKtog1<\/a> pic.twitter.com\/k2B6IKF2RO<\/a><\/p>\n
\u2014 Lookonchain (@lookonchain) October 8, 2023<\/a><\/p>\n<\/blockquote>\n
The first time the holder sold was in 2018 after depositing 500,543 BNB, valued at $56 million, into Binance. That happened at an average price of $112. Interestingly, the recent sell-off<\/a> did not end up in a massive plunge for BNB.<\/p>\n
No strong movement<\/b><\/h4>\n
According to CoinMarketCap, BNB exchanged hands at $211.75 at press time. This was because it lost only 0.89% of its value in the last 24 hours. <\/span><\/p>\n
Irrespective of the strength shown by the coin, traders may need to be careful about the position to open. Technical indicators also seemed to support this notion.\u00a0<\/span><\/p>\n
From the BNB\/USD 4-hour chart, the Bollinger Bands (BB) showed that BNB\u2019s volatility had somewhat stabilized. In a case like this, it could be rare to find notable price<\/span> fluctuations<\/span><\/a>. Furthermore, neither of the upper or lower bands touched the BNB price at $211.\u00a0<\/span><\/p>\n
So, the coin was not overbought nor oversold. Therefore, traders may need the silence in the market to change if they are to profit from a position. Another indicator that revealed a similar sentiment was the Moving Average Convergence Divergence (MACD).<\/span><\/p>\n
As of this writing, the MACD was 0.1, suggesting that BNB\u2019s momentum was bullish. However, the 12-day (blue) and 26-day (orange) EMAs were below the zero histogram point and very close to each other.\u00a0<\/span><\/p>\n
![\"BNB](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/BNBUSD_2023-10-08_10-25-07.png\")
<\/a><\/p>\nSource: TradingView<\/p>\n<\/div>\n
This indicates how BNB does not have a clear direction, as buyers\u2019 and sellers\u2019 presence in the market was almost equal. Hence, it is likely to find BNB consolidating around $210 to $215 in the short term.<\/span><\/p>\n
BNB has low liquidity\u00a0<\/b><\/h4>\n
On the derivatives end of the market, BNB\u2019s <\/span>Open Interest<\/span><\/a> was $320.48 million\u2014 almost the same value that was in the market on 7 October. Open Interest keeps track of every outstanding open contract.<\/span><\/p>\n
\n - BNB moved sideways and could continue consolidating between $210 to $215.\u00a0<\/em><\/li>\n<\/ul>\n
![\"BNB](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-08-at-10.41.26.png\")