Latest news with #SmartChain
Yahoo
5 days ago
- Business
- Yahoo
BNB Tests $660 Resistance as Price Forms Short-Term Bearish Pattern
Binance Coin (BNB) is holding steady above the $650 mark despite rising volatility in global markets sparked by escalating global trade tensions. The cryptocurrency briefly touched $664 before pulling back, but heavy trading volume suggests solid support at $650, according to CoinDesk Research's technical analysis data model. The broader market has been rattled by President Trump's latest round of tariffs, which have added fresh uncertainty to global trade. Major crypto assets, including BNB, have not been immune to the resulting price swings. Still, BNB has shown notable resilience, helped by rapid growth in the BNB Smart Chain ecosystem. Daily transaction counts on BNB Smart Chain have climbed to 14 million, and decentralized exchange (DEX) volume is up 50% over the past month. In total, BNB Chain-based DEXs have processed more than $150 billion in trading volume over the last 30 days, outperforming competitors like Ethereum and Solana. This surge in on-chain activity points to a growing user base and stronger fundamentals, even as macroeconomic stress continues to weigh on investor sentiment. For traders navigating the current environment, BNB's relative strength stands out, supported not just by market momentum, but by deeper ecosystem engagement. Technical Analysis Highlights BNB continued to show strength over the weekend but is now displaying signs of short-term fatigue after failing to break resistance at $664. A clear uptrend began around 14:00 on June 1, when BNB surged past $650, backed by above-average volume of 45,756 units. The momentum pushed prices toward the $662–$664 zone by 01:00 on June 2, where the rally stalled amid heavy selling pressure. In the hours that followed, BNB entered a tight consolidation range between $658.05 and $659.60. Around 07:17, the token briefly spiked to the upper end of that range before pulling back. Volume peaked at 07:18 and again at 07:51, during both a rejection and a short-lived rally, signaling active but indecisive market behavior. Since that peak, BNB's price has carved out a descending channel marked by lower highs, a classic pattern that suggests short-term bearish sentiment. Still, the $658.00 to $658.20 zone has emerged as a reliable support base, absorbing selling pressure and providing a possible launchpad for the next move. While the broader outlook for BNB remains tied to the strength of its ecosystem, near-term traders are watching this channel closely. A breakout above recent highs could invalidate the bearish pattern, while a drop below support might confirm it. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Mayor
18-05-2025
- Business
- Business Mayor
Binance coin: Spot vs. Futures traders – Who's in control of BNB's price?
BNB price rose 0.10% in 24 hours, but futures traders showed reduced confidence with declining Open Interest. Short traders lost over $102K in 24 hours despite a bearish bias, hinting at underlying bullish resilience. Binance Coin's [BNB] price movement over the past 24 hours has remained neutral, with a modest gain of 0.10%. While that sounds uneventful, under the hood, market behavior and on-chain signals tell a far more nuanced story. Spot and futures traders take different sides Spot traders have taken the bullish position, continuing to acquire more BNB from the market. Over the last day alone, $8.34 million worth of BNB moved off exchanges, bringing the week's net outflow to $31.28 million. This purchase is worth noting, as it indicates traders are acquiring BNB from exchanges and transferring it to private wallets. Source: CoinGlass This trend indicates a long-term positive outlook for the asset, which is crucial for maintaining its price stability. However, futures traders remain unconvinced. Notably, AMBCrypto found that Binance's largest traders by position size are the most bearish. This sentiment is reflected in the Taker Buy/Sell Ratio, reported by CoinGlass at 0.955. The Taker Buy/Sell Ratio, a key market indicator from CoinGlass, measures whether buying volume (above 1) or selling volume (below 1) is dominant. The broader market appears even more bearish, with the press time ratio at 0.9139, suggesting weaker buying pressure overall. Source: CoinGlass Open Interest (OI) has also declined, continuously trending lower. BNB's OI fell from $855.2 million earlier in May to $789.9 million. That drop in unsettled contracts shows reduced conviction and fading momentum. Source: CoinGlass Surprisingly, short traders recorded higher losses in the past 24 hours, losing $102,560 compared to $2,140 lost by long traders. Read More Uniswap drops to a key bullish zone – Is a pivot likely? Greater losses among short traders suggest that the market has tilted against them, giving the advantage to the longs. BNB development activity drops Having said that, activity on the BNB Smart Chain paints a more cautious picture. After a solid build-up earlier this month, daily smart contract deployment has sharply pulled back. According to BscScan, deployments dropped 34.77% in 24 hours to 54,369. Verified contracts also fell 22.69% to 259. Naturally, fewer contracts mean lower network usage and less on-chain demand for BNB. Source: BSCscan The continued slowdown in development activity could be a defining factor in whether BNB stages a rally or faces further decline.
