- CZ’s portfolio shows strong confidence in BNB, with 98.5% allocation in the token.
- BNB struggles to hold $630 support as selling pressure increases amid market decline.
- BNB ecosystem tokens face losses, with CAKE and TST seeing sharp bearish trends.
Binance founder Changpeng Zhao (CZ) shared his portfolio, showing an overwhelming allocation to Binance Coin (BNB).
His Binance account holds 98.5% in BNB and 1.5% in Bitcoin (BTC). This portfolio structure clearly shows his confidence in the BNB ecosystem.
However, it is likely that he holds substantial amounts of other BNB-related tokens, like Trust Wallet Token (TWT), PancakeSwap (CAKE), and Test Token (TST), in different accounts. His strategic positioning strongly suggests faith in Binance’s long-term growth and its ecosystem.
BNB Price Struggles to Hold Support
BNB is currently trading at $636.78, reflecting a 2.62% drop in the past 24 hours.
The market capitalization is at $90.72 billion, also down by 2.63%. Trading volume has gone down by 11.20%, indicating less market participation.
BNB Faces Bearish Pressure, Support at $630 in Sight
The price initially looked stable before peaking at $653.65, after which a sharp sell-off took place.
The ongoing downtrend suggests bearish sentiment, with the price finding it hard to stay above key support levels. If this trend keeps up, BNB could test the $630 support level, while resistance remains near $655.
Bitcoin Price Drops Despite Trading Volume Surge
BTC has also experienced a price decline, falling to $94,587.59, down 1.15% in the last 24 hours.
Despite the downturn, trading volume jumped by 83.05%, showing heightened investor activity. The price first tried to rally, peaking at $95,710 before being turned away and reversing downward.
Strong volatility is evident, as BTC moves back and forth between gains and losses. Key resistance levels are around $95,710 and $96,500, while support at $94,000 and $93,500 could determine the next price movement. If BTC fails to hold support, further downside toward $92,500 is likely.
BNB Ecosystem Tokens Mirror Bearish Sentiment
The BNB ecosystem tokens have shown mixed performance. Trust Wallet Token (TWT) is trading at $1.01, down 2.97%, while its trading volume has increased by 17.66%.
TWT Price Downtrend, $1 Support Level Vulnerable
The price tested resistance at $1.04 before getting turned back, leading to a downtrend.
If support at $1.00 fails, further downside to $0.99 or $0.95s is possible.
CAKE Price Decline Steeper, Market Interest Wanes
PancakeSwap (CAKE) has seen a sharper decline, currently priced at $2.34 after falling 5.17% in 24 hours.
Trading volume has fallen sharply by 62.69%, indicating lower market participation.
CAKE is getting close to its immediate support at $2.32, and if it fails to hold, further declines toward $2.25 are expected. Resistance remains at $2.48 and $2.50.
TST Plummets, Buyer Interest Dries Up
Test Token (TST) has suffered the most significant drop, plunging 21.89% to $0.08735.
Trading volume has dropped significantly by 68.55%, reflecting reduced buyer interest.
The price is still trending downward, with no strong rebound attempts. If TST breaks below $0.085, further losses toward $0.080 could follow.
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