Binance Coin price is up 12% since yesterday as the crypto market calms down from a recent sell-off. Bitcoin, staying above $50,000, has led to a relief rally among major altcoins. However, buyers need to keep up this rise, or increased selling could lead to a longer drop. During the recent market correction, Binance saw a net inflow of $1.2 billion in the past 24 hours. Richard Teng, the CEO of Binance, noted this as one of the highest net inflow days of 2024, showing strong investor confidence.
The inflow matches record trading volumes on Binance this year, strengthening the platform’s market position. Data from DefiLlama’s CEX Transparency metrics shows that Binance’s clean asset holdings now total $86.497 billion out of $100.11 billion.
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This surge in capital comes as today’s market rebounds, helping the BNB price stay above the $400 mark. Binance Coin (BNB) saw a significant drop in the first week of August, falling from $598 to $400, a 33% loss. However, with today’s market rise, BNB quickly rebounded to $481, suggesting it can maintain its position above the support trendline of a broadening wedge pattern. A long-tail rejection candle highlights strong demand at this support level, which has remained steady since March 2024.
As Binance Coin looks for support, the Relative Strength Index (RSI) at 28% may attract buyers looking for a dip. A potential rebound could drive the price up by 25% to test the $610 resistance. However, the chart shows two diverging trendlines, which often signal uncertainty in the market. If the rebound fails, a bearish breakdown below the support could extend the correction to $355, leading to a possible 20% loss.
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