While many cryptocurrencies visited the red zone, Binance [BNB] went up the charts. Over the last 24 hours, the token increased by 3.91%.
CoinMarketCap data showed that BNB might not have slowed down in its quest for more greens. At press time, it continued its surge, increasing 0.03% in the past one hour.
Rising through the heat
The rise of BNB may have been unexpected, especially as Binance has been having some troubles lately. First, it was the SEC throwing its torch on Binance regarding BNB’s 2017 Initial Coin Offering (ICO).
Now, CEO Changpeng Zhao is in the process of suing Bloomberg over a post about him.
Despite all of these, BNB has proven to ride through any condition. When the SEC investigation broke out, it affected BNB negatively. On 6 July, BNB traded at around $284. After the news, it went down to $192 on 19 July. However, it didn’t stop BNB from rising again.
Since then, BNB has increased from $207 to $273. So how has BNB moved up the charts in the face of the fall of many cryptocurrencies?
BNB had only seen a slight volume rise despite the uptick. According to Santiment, the volume moved from 901.58 million on 26 July to 951.08 million at press time. While the increase may have contributed to the BNB price rise, a long green day still seems shaky.
The 24-hour active addresses on the BNB chain had only slightly changed. This time, there had been a slight decrease from 5,911 to 5,362.
With these metrics, it may seem that the BNB uptick may not be solid enough. Investors may need to exercise patience or watch the trend. Besides, the on-chain analysis might be a good move for investors to look at possible price action.
The present state of the Directional Movement Index (DMI) showed that there was some form of neutrality for BNB. Apart from the +DMI and -DMI closing up, the ADX (yellow) has been on a similar momentum.
The Relative Strength Index (RSI) looked to agree with the DMI results. At press time, it was stable with a neutral core of 50.17.
With these indicators, the BNB price rise may not be as substantial as some predicted. Still, for investors, it may not be a bad idea to monitor the increase in buying increases.