BNB knows the demand for purchase, because the overall feeling of the market becomes positive. Although the price is currently faced with a lower resistance to the level of $ 600, buyers should overcome this barrier. Meanwhile, large holders continue to accumulate BNB during the recent price correction. This supported the momentum in various indicators on the chain, supporting the recovery in progress.
The open interest of BNB increases despite the negative financing rate
While many altcoins have dropped up to 98% of their peaks of all time, Binance Coin (BNB) has shown high purchase demand, undergoing much lower losses alongside Bitcoin. This force made BNB a favorite altcoin for accumulation, even during the market drop. According to Coinglass Data, BNB experienced a total liquidation of $ 97,300, buyers representing $ 37,000 and sellers for around $ 60,000.
Despite the conditions of the volatile market, an open interest for BNB continues to climb. Corceglass reports that the open interest of BNB increased by 3.3%, reaching more than $ 760 million. This growth in open interest could support the recovery and limit net reductions. However, investors’ concerns remain because the funding rate recently culminated in the negative zone at -0.485%, signaling caution.
The recovery in progress was further reinforced by the last quarterly BNB burn, completed on April 16. The network has destroyed 1.57 million tokens, worth more than a billion dollars at current prices. These burns are generally calculated by the BNB price and the number of blocks produced during the quarter.
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Token burns are a key element in BNB’s strategy to increase its value. According to the project tokenomics, Tailly Burns will continue until the total traffic supply is reduced by around 140 million tokens to 100 million.
The Long / Court ratio currently indicates that the BNB purchasing momentum should continue. The ratio increased to 2.1133, which shows that the majority of traders, around 68%, bet on an increase in prices. This long position increasing could allow BNB to more easily cross the level of resistance of $ 600.
What is the next step for BNB Price?
Binance Coin (BNB) continues to cope with a resistance around the level of $ 610. Currently, it is negotiated nearly $ 595, showing a slight gain of 0.66% in the last 24 hours. Sellers work to maintain the price of less than $ 600 in order to maintain a downward trend.
However, despite the growing lower feeling, the BNB shows signs of a potential rebound while the big holders accumulate near the hollows. This accumulation supports a progressive recovery and BNB could soon exceed the $ 600 mark. The relative force index (RSI) also remains in bullish territory around 60 years, indicating that buyers maintain ignition control.
If the purchase of the pressure continues to develop, BNB can pierce the resistance of $ 610, potentially opening the way to a transition to the next target at $ 644. Conversely, if the sales pressure is valid and BNB falls below the 20 -day EMA support, the price could drop to a critical level of $ 557.
