Binance Coin (BNB) has been on a strong uptrend in the past month, with a 13.04% gain despite a 2.02% slip in the last 24 hours. The surge in Active Addresses indicates a growing market interest, with a 6.7% increase in the past week. BNB Chain led EVM chains in Active Addresses, reaching 10.8 million at press time.
Trading volumes on BNB Chain have also seen a significant surge, hitting $1.988 billion in daily volume and $58 billion in 30-day performance according to DeFiLlama. This positive on-chain activity has translated into liquidity inflows, with investors withdrawing approximately $20 million BNB from exchanges into private wallets in the past 48 hours.
Derivative traders have joined the rally, with the Open Interest Weighted Funding Rate remaining positive at 0.0099%. This reflects a bullish sentiment in the market as long traders pay funding fees to short traders.
Chart patterns suggest that BNB could see a short-term pullback before targeting new highs. The $855-$850 range is identified as the first support level, with a potential rally towards a new all-time high if BNB bounces off this zone. However, a drop to the ascending support line could trigger another rally if bids thin out.
Overall, the bullish trends across different markets are expected to have a positive impact on BNB’s price in the short term. The market sentiment remains optimistic, with the potential for BNB to reach new highs in the near future. Stay tuned for more updates on Binance Coin as it continues its upward trajectory. The world of technology is constantly evolving, with new innovations and advancements being made every day. One of the most exciting developments in recent years has been the rise of artificial intelligence (AI). AI is a branch of computer science that aims to create intelligent machines that can perform tasks that typically require human intelligence, such as problem-solving, decision-making, and language processing.
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