BNB Defies Market Slump: Price Up by 19% in 7 Days
While the rest of the market grapples with losses, Binance Coin (BNB) has seen significant gains. BNB’s price has risen by 19% in the last seven days.
Due to the general market decline in the past 24 hours, BNB’s futures open interest witnessed a slump.
Binance Coin (BNB) has defied the current market slump, surging by almost 20% in the past week. According to CoinMarketCap’s data, this has made it the cryptocurrency with the highest growth among the top four cryptocurrencies by capitalization.
Demand for BNB Persists
At press time, a BNB coin sold for $550. Due to its positive correlation with Bitcoin (BTC), BNB’s price dropped by 5% in the past 24 hours following the decline in the former’s value.
However, amid the general market downturn, demand for BNB persisted. Its key momentum indicators, as assessed on a single-day chart, trended upward:
- The coin’s Money Flow Index (MFI) was 84.48, indicating a preference for accumulation over distribution.
- Chaikin Money Flow (CMF) rested above the zero line, returning a value of 0.40 at press time, suggesting capital inflow and market strength.
- BNB’s Awesome Oscillator (AOI) returned green histogram bars facing upwards, signaling increasing buying pressure and a potential bullish trend in the market.
- BNB’s Aroon Up Line (orange) was 85.71%, indicating strong uptrend and recent highs in price movement.
Futures Market Takes a Hit
The 5% decline in BNB’s value in the past 24 hours caused it to record its second-highest single-day long liquidations since the year began.
According to Coinglass’ data, the general decline observed in the crypto market on 14th March caused BNB to witness long liquidations totaling $5 million. Its year-to-date high in long liquidations was $6 million, which it recorded on 5th March.
The price dip also resulted in a brief pullback in the coin’s futures open interest. At press time, it was $682 million, having declined by 6% in the past 24 hours.
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