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Highlights
- A broadening wedge pattern in the daily chart drives an ongoing sideways trend in BNB Coin.
- Binance recorded a net inflow of $1.2 billion in the past 24 hours, marking one of the highest net inflow days of 2024.
- The Momentum Indicator RSI dropped to an oversold region, which should attract dip buyers in the market.
Binance coin price is up 12% since yesterday as the crypto market eased from a recent sell-off. The leading digital asset, Bitcoin, showcasing its sustainability above $50000, has sparked a relief rally among the majority of major altcoins. However, buyers need to follow this uptick, or recuperated selling pressure could push for a prolonged downfall.
Also Read: Crypto Market Recovers As Japan’s Nikkei Stock Index Rises 12%
Binance Exchange Witness Record Inflow
Amid the recent market correction, Binance recorded a remarkable net inflow of $1.2 billion over the past 24 hours. Richard Teng, the CEO of this cryptocurrency exchange, highlights this development as one of the highest net inflow days of 2024, signaling strong investor confidence.
Amid the macroeconomic climate and yesterday’s market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama‘s CEX Transparency metrics.
This marks one of the highest net inflow days of 2024, indicating strong investor…
— Richard Teng (@_RichardTeng) August 6, 2024
The inflow aligns with record trading volumes on Binance this year, further boosting the platform’s market position. Data from DefiLlama’s CEX Transparency metrics shows that Binance’s clean asset holdings now total $86.497 billion out of $100.11 billion.
This surge in capital coincides with today’s market rebound, causing the BNB price to sustain above the $400 floor.
Also Read: Bitcoin ETF Outflows Drop As US Futures Stage Strong Recovery
Binance Coin Price Hits Major Support
Binance coin price (BNB) witnessed a notable correction in the first week of August. Amid the market correction, this bearish reversal tumbled the altcoin’s value from $598 to $400, accounting for a 33% loss.
However, the BNB price rebounded to $481 immediately with today’s market jump, projecting its sustainability above the support trendline of a broadening wedge pattern. A long-tail rejection candle underscores the demand pressure at this dynamic support, which has held firm since March 2024.
As Binance coin seeks support, the relative strength index (RSI) indicator at 28% should attract dip buyers in the market.
The potential rebound could push the asset 25% to challenge the $610 resistance.
However, the chart pattern consists of two divergence trendlines that typically indicate uncertainty among market participants. If reversal fails, the bearish breakdown of the bottom support will prolong the correction trend to $355, projecting a potential loss of 20%.
Frequently Asked Questions (FAQs)
1. What does "net inflow" mean in the crypto market?
2. What is a dynamic support trendline?
3. What is Relative Strength Index (RSI) Indicator?
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