- Popular crypto trader Crypto Tony has stated that he is bullish on BNB in the long term.
- The trader expects more demand for the token despite the recent FUD in the crypto market.
- BNB has lost more than 2% of its value over the past 24 hours.
Crypto Tony, a trader popular among crypto circles online, recently stated that he was bullish on the Binance token (BNB) in the long term. According to the trading expert, there was considerable demand for BNB through the market, and he was waiting for the right opportunity to load up BNB.
$BNB / $USD – Update Despite the FUD on #Binance yesterday, price barely moved. Only shows the demand we have right now in the orderbooks. Long term i am very bullish on #BNB and am waiting to macro accumulate later this year pic.twitter.com/zJmX8REZj4— Crypto Tony (@CryptoTony__) August 3, 2023
Crypto Tony told his followers earlier today that BNB managed to retain considerable demand, which may be due to his popularity. The token’s value saw a minor drop yesterday following concerns about a potential fraud lawsuit against Binance. BNB dropped a little more than 2% following this news.
According to Crypto Tony, BNB’s order books indicated tons of data for the token. The trader stated that he was waiting for the right opportunity to load up on BNBs later this year. One of the key selling points for the token was its stability despite the ongoing FUD in the crypto markets.
A brief technical analysis by Crypto Tony showed that BNB had been in a ranging pattern for over a month and was due a breakout sometime soon. As per BNB’s 4-hour chart, $225 serves as the support zone for this token. In order for a strong bullish momentum, BNB would have to soar past the resistance zone at $264.
Data from Coinglass showed that traders shared a bullish outlook for BNB in the short term. The long positions visibly outweighed the short positions on leading centralized crypto exchanges. The total open interest on BNB perpetual futures has increased by 0.10%, with more than $600,000 liquidated over the past 24 hours.
At the time of writing, BNB was trading at $240, down nearly 2% over the past 24 hours. The token had a market capitalization of more than $37 billion and a daily trading volume of $563 million.
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