On August 18, 2024, Binance native token BNB captured the spotlight among investors and traders due to a notable price surge in an otherwise struggling market. According to CoinMarketCap, BNB’s value jumped over 5% in the past 24 hours.
BNB Outshines BTC and ETH
This significant price increase has allowed BNB to outperform major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).
The surge in BNB’s price followed a breakout from the consolidation zone between $498 and $525. With this breakout, BNB has entered an uptrend, moving above the 200 Exponential Moving Average (EMA) on the daily chart.
Read more: Uniswap Poised for a Major Rebound – Will UNI Secure the $6.7 Mark?
BNB Price Outlook
Based on technical analysis and recent price action, BNB could potentially rise another 10% to reach the $600 level in the coming days. The current consolidation near the support level suggests a bullish trend.
At the time of writing, BNB is trading around $545, reflecting a 5% increase over the last 24 hours. However, its trading volume has decreased by 3% during the same period, indicating lower participation from traders in the current market conditions.
Rising Open Interest in BNB
Despite the lower trading volume, interest in BNB among traders and investors is growing. On-chain analytics firm CoinGlass reports that BNB’s open interest has risen by 8% in the last 24 hours, and by 2.5% and 4.6% in the last 1 hour and 4 hours, respectively.
While BNB has experienced an impressive price surge, other major cryptocurrencies like BTC, ETH, and SOL have seen their prices drop by 0.25%, 0.40%, and 0.69%, respectively, over the same 24-hour period.
Cre: bitcoinist
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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