Binance Coin (BNB) has been a beacon of steadiness, defying the downward trend that has hit other important assets. BitCoin has stayed the same or even gone up in value, while Bitcoin and Ethereum have lost a lot of value.
From what we can tell from CoinMarketCap, BNB is the only one of the top five cryptocurrencies that has gained value in the past week. Take a look at how bad the market is right now and this strength stands out even more.
Binance Coin (BNB’s) Price Stability
BNB’s daily price trend shows that there haven’t been major shifts during the same time frame. This means that the price has been stable with few changes. At the time of this writing, the price was around $590. Low volatility is shown by the Bollinger Band analysis. This means that there may be more market action soon.
The Relative Strength Index (RSI) and the Funding Rate on Coinglass show that things are not as easy as they look. People who own BNB are still positive about its long-term prospects because the RSI shows that it is still going up.
But right now the Funding Rate is negative, which means that sellers are in charge of BNB trade. A lot of traders have opened short bets in case prices drop even more.
The fact that the picture of liquidations shows more short-term liquidations than long-term liquidations supports this idea even more. Traders are very negative as shown by the fact that short contracts worth $143,000 have been closed.
But this pessimistic view comes with risks, as a strong price trend could close these short positions, which would make the market feel different. Traders are trying to make sense of this unclear world, and BNB’s steady performance in the middle of market chaos keeps surprising everyone. They can’t wait for it to make its next move.
