BNB’s rocky road: Swings in volume, transactions, and price indicate that…

Please fol­low and like us:
Pin Share

  • Binance’s vol­ume recent­ly rebound­ed to over $600 million.
  • BNB crossed over the neu­tral line as con­sec­u­tive uptrends continued.

Binance recent­ly encoun­tered a sig­nif­i­cant amount of Fear, Uncer­tain­ty, and Doubt (FUD), pri­mar­i­ly due to news sur­round­ing the res­ig­na­tion of top exec­u­tives from its US branch. This upheaval on the exchange appeared to impact its trad­ing vol­ume tem­porar­i­ly, but it has since shown signs of recov­ery. How have oth­er crit­i­cal met­rics respond­ed to these developments?

Read Binance Coin’s [BNB] Price pre­dic­tion 2023–24

Binance sees swings in volume

Accord­ing to San­ti­ment data, the vol­ume chart for Binance’s BNB token exhib­it­ed clear indi­ca­tions of a recent down­trend. The ini­tial signs of this down­trend became evi­dent around 13 Sep­tem­ber, as the vol­ume plum­met­ed from over $500 mil­lion to approx­i­mate­ly $300 mil­lion. This down­trend coin­cid­ed with reports of lay­offs and the res­ig­na­tion of the CEO of Binance US. 

Binance volume

Source: San­ti­ment

How­ev­er, the vol­ume expe­ri­enced anoth­er upswing around 16 Sep­tem­ber, sur­pass­ing $600 mil­lion, only to decline again the next day. As of the time of writ­ing, the vol­ume had rebound­ed, exceed­ing $622 million.

Monitoring transactions on the smart chain

An exam­i­na­tion of Binance’s trans­ac­tion vol­ume on DefiLla­ma revealed a notice­able decrease in the num­ber of trans­ac­tions occur­ring on the chain. An analy­sis of the trans­ac­tion trend demon­strat­ed that Binance kicked off the year with robust activ­i­ty but expe­ri­enced a down­turn start­ing around May. Pri­or to this decline, the aver­age trans­ac­tion size exceed­ed $4 mil­lion. How­ev­er, as of the cur­rent moment, the trans­ac­tion vol­ume dwin­dled to approx­i­mate­ly $3 million.

Fur­ther­more, there has been a decrease in the sta­ble­coin mar­ket cap with­in the net­work, sig­nal­ing a reduc­tion in liq­uid­i­ty. At the begin­ning of the year, the sta­ble­coin mar­ket cap sur­passed $9 bil­lion but has since con­tract­ed to around $5 bil­lion as of this writing.

BNB continues its renewed uptrend

Ana­lyz­ing the dai­ly price trend of Binance Coin (BNB) revealed a recent uptick. The chart indi­cat­ed that BNB con­sis­tent­ly wit­nessed a series of minor uptrends, each of which was less than 1%, span­ning the past three days. At the time of writ­ing, BNB was trad­ing at approx­i­mate­ly $219, boast­ing a price increase of over 1%. 

BNB/USD price move

Source: Trad­ingView

– How much are 1,10,100 BNBs worth today

Fur­ther­more, this uptrend has pro­pelled BNB above the neu­tral line on its Rel­a­tive Strength Index (RSI), sug­gest­ing a mild bull­ish trend. More­over, there’s the poten­tial for BNB to cross over its short-term Mov­ing Aver­age (depict­ed by the yel­low line) if this uptrend continues.


Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.