- Binance registered 384K USDT transactions on Tron, which signaled a larger platform and network use.
- BNB acts in a Bullish WIG and can focus on $ 690 if the resistance with strong volume breaks.
Binance currency [BNB] The last 24 hours lower with 1.5% traded and 2.86% fell on the weekly graph. However, the modest decrease has no conviction of investors shaken growth of the chain continues to flash signals of strength.
Binance – Inflow becomes parabolic – What is it cooking?
Cryptoquant unveiled A significant increase in crypto entry, with the majority associated with Binance -the cryptocurrency exchange behind the BNB -Token.
According to the report, Binance has registered 384,000 USDT transactions on Tron and surpassed the combined transaction volume of Bybit and HTX.
Source: Cryptuquant
Such a high inflow usually indicates, an increased use of BNB when processing transactions, both on the platform and in the Binance Smart Chain.
The analysis showed that market participants probably interpreted this as a bullish indicator, because the number of addresses on the chain in particular increased.
The number of new on-chain addresses rose by more than 17%and climbs at 802,800 at the time of the press. However, these new addresses did not carry out major transactions, because the analysis of the transaction count showed a slight decrease of 1.2%.
One possibility is that these new addresses have purchased BNB during a broader market cooldown, which contributed to the decrease in transaction activity.
Jot sellers disappear when keeping profits of favor
Spotmarkt activity has continued to fall in recent days. On June 16, the sales side activity was almost $ 6 million. By time it shrink to just $ 1.57 million.
Source: Coinglass
When the volume of an active one is sold under conditions of rising acceptance, this usually suggests that investors prefer to keep than not selling.
In the meantime, derivatives traders remained confident. The OI-weighed financing interest remained positive, which suggests that Longs paid to keep their exposure.
BNB market movement remains strong
Market analysis shows that BNB is currently being traded within a bullish pattern defined by horizontal support and a decreasing resistance line.
Source: TradingView
Despite the sales pressure, it keeps actively pushing up, with a green candle that forms after a strout of the support level.
If BNB reaches the resistance line and gets a sufficient momentum, it can outbreak and gather to $ 690 based on historical trends.