BNB Price Rebounds from 90-Day Low as Open Interest Skyrockets

• BNB futures spiked to a five-month high despite a price dip, hinting at a market reversal.
• Resilient BNB rebounded from a 90-day low and sparked renewed interest.
• The increased trading volume has fueled optimism for BNB’s future.

Earlier today, Binance’s (BNB) token witnessed an unexpected twist in its financial saga. Despite a drop in its price, the open interest in its futures soared to a five-month high. This rise in open interest, the tally of active and unsettled futures contracts, was tracked by Coinglass, revealing a staggering increase of 27% within a week and an 8% rise in the past day alone.

Binance’s native token, BNB, took a significant hit early on Monday, with its market price plummeting to $221. This near mirrors the token’s low point on July 13, 2022, marking a steep 25% decline since the U.S. SEC announced a lawsuit against Binance on June 5, 2023.

Yet, amid the downward spiral, BNB managed to bounce back from a 90-day low of $222.07 after falling from a 24-hour high of $238.49. The market saw the bulls take control as the token found support at this level and rebounded to $236.74 at the time of writing. This swift recovery echoes the resilience of BNB in the face of strong bearish sentiment.

The market capitalization of BNB dipped by 0.38% to $36,795,635,711. Meanwhile, the 24-hour trading volume surged significantly by 78.87% to $847,447,451, pointing to a renewed interest from investors. This upsurge in trading volume may indicate that many see the recent dip as an opportune moment to invest, especially those with a long-term belief in Binance and its ecosystem.

BNB/USD Technical Analysis

The Relative Strength Index rating of 37.89 and upward pointing indicate that the market is now in a modest uptrend.

This movement shows that the negative momentum in BNB is fading and that a reversal is possible shortly.

Adding to the optimistic outlook, the Chaikin Money Flow (CMF) has begun to rise, attempting to enter the positive sector with a reading of -0.20. This movement indicates that purchasing pressure is building, which might change the market mood.

In conclusion, despite a recent price drop, BNB’s futures open interest surged to a five-month high, signaling increased investor interest and a potential reversal in the market’s sentiment.

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