The open interest of Binance skyrocketed, reaching a new high of $8.3 billion. This figure represented a substantial 35% of the total global futures positions, pegged at $23.3 billion.
Such a spike not only highlighted Binance’s significant share but also indicated potential volatility and upcoming market movements.
An increase above 3% in open interest within a single day is generally viewed as an indicator of imminent liquidations. This suggests both long and short positions may soon experience pressure.
– Advertisement –
Binance Coin (BNB) Approaches Critical Resistance
Binance Coin (BNB) showed it was in a critical juncture as the price approached a key resistance zone on the monthly timeframe, specifically near the $587.07 mark.
The Pivot Points represent key levels where previous price highs and lows have encountered pressure. As at the time of writing, BNB’s price action showed a robust recovery. It was evident from the recent green candle moving towards this resistance.
The convergence of the 50, 100, and 200-day moving averages below the current price level provides additional support. It bolsters bullish momentum.
The MACD indicator also exhibited a positive crossover and an upward trend, suggesting growing bullish sentiment.
Meanwhile, the RSI had risen sharply towards the overbought territory, indicating strong buying interest but also the potential for an impending pullback if the resistance holds firm.
Traders should monitor this zone closely, as a decisive breakout above $587.07 could open the path to retesting the one-month high around $613.35 which could further lead to reclaim of Binance coin’s ATH, while failure to breach could lead to a retracement towards established support levels.
BNB Chain Welcomes Brickken in Tokenization Push
Following BNB Chain’s partnership with Brickken as an official real-world asset tokenization provider, BNB exemplified BNB Chain’s expanding influence in the crypto tokenization space.
[1/7] 🚀 Brickken collaborates with BNB Chain as an Official RWA Tokenization Provider! 🚀
We're excited to announce our strategic collaboration with @BNBChain, as an Official Provider for Real World Asset (RWA) Tokenization on @BNBChain! This collaboration marks a new era in… https://t.co/gcHUO4JLAn pic.twitter.com/A2FEJ07lwM
— Brickken (@Brickken) November 6, 2024
This did not only favor BNB but also Brickken (BKN) since on the daily timeframe continued to respect an ascending trendline since July, indication of sustained buying interest.
The projected price trajectory towards $1.40 suggests high optimism about its future on this platform.
The MACD and RSI indicators support a bullish outlook, with the MACD showing convergence and RSI remaining in a healthy mid-range, pointing to continued momentum.
Observers noted that as institutions like Blackrock and Franklin Templeton delve deeper into crypto through real-world asset investments, BNB’s role in this new cycle becomes increasingly crucial.
The current trend suggested that Binance and BNB are well-positioned to capitalize on these developments, potentially leading BNB to reclaim and possibly surpass its all-time high as the market dynamics evolve. Keep an eye on these movements, as the future looks bright for Binance and its burgeoning ecosystem.
