- BNB’s prices have risen 19% within the last 7 days.
- BNB’s futures interest has fallen due to a general decline on the market in the last 24 hours.
Binance Coin [BNB] It has had a strong week, with a rise of almost 20%. According to CoinMarketCap’s Data shows that it is the cryptocurrency with the fastest growth rate amongst the top four crypto assets by capitalization.
The demand for BNB remains persistent
As of the time this article was published, one BNB coin cost $550. A positive correlation between Bitcoin [BTC], BNB’s price dropped by 5% in the past 24 hours following the decline in the former’s value.
AMBCrypto, however, found that despite the overall market decline, BNB demand continued to be high. The key indicators of its momentum, as assessed by a chart for a single day, showed definite upward trends.
Money Flow Index for the coin was 84.48. The spot market’s participants preferred accumulation to distribution.
At the time of publication, Chaikin’s Money Flow was also above zero, with a reading of 0.40. CMF above zero indicates capital inflow, and the strength of the market.
Confirming the bullish trend in the BNB market, its Awesome Oscillator (AOI) returned green histogram bars that faced upwards. The AO of an asset is displayed in such a way that it indicates a positive trend. This could indicate a positive trend on the stock market. This is often interpreted by traders as an indication to buy or hold onto their positions.
BNB’s Aroon Up Line, (orange), was at 85.71 %. This indicator can be used to determine the strength of a trend and possible trend reversal in a cryptocurrency asset’s price movements.
When the Aroon Line of an asset is near 100, it indicates that the trend is up and the highest point was relatively recent.
The futures market is hit
BNB recorded its second highest single day long liquidations ever since it began the year.
You can read more about it here Binance Coin’s [BNB] Price Prediction 2024-25
The following is a list of Coinglass’ BNB has experienced five million dollars in long-term liquidations due to the overall decline of the cryptomarket on March 14. The 5th of March marked the year’s highest long-term liquidation total for BNB, at $6 million.
This price drop also caused a temporary pullback of the open interest for futures contracts. As of press time it stood at $682 millions, down 6% over the last 24 hours.
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Source: ambcrypto.com