Binance Coins (BNB) trading volume registered a significant hike towards the beginning of the month, reaching levels not seen since 2022. How has BNB performed since then, and are there indications suggesting a potential for significant price movement shortly?

Analysis of Binance Coins volume on Santiment revealed a spike to over $11 billion on 1 April. However, this surge was short-lived, as subsequent analysis indicated a return to its previous volume range. An examination of the chart illustrated that the volume has remained within the $2 billion threshold since the spike.

At the time of writing, the volume stood at around $1.9 billion. Furthermore, there has been no notable change in price since this spike occurred.

An analysis of the daily timeframe chart revealed that Binance BNBs price exhibited no significant reaction on the day its volume spiked. In fact, the chart indicated a price drop of over 5%, causing the price to decline from over $600 to around $570.

Subsequently, there was an attempt at price consolidation around $580. At press time, BNB was trading at around $583, with a decline of less than 1%. Furthermore, an analysis of its Relative Strength Index (RSI) suggested that it remained in a stable bull trend. Additionally, examination of the Bollinger bands indicated minimal volatility, implying a reduced likelihood of sudden price fluctuations.

An examination of the funding rate chart on Coinglass revealed a gradual ascent back to the positive zone, suggesting that BNB buyers had regained control of the market. At the time of writing, the funding rate stood at around 0.02%. However, this also indicated a relatively weak sentiment despite the bet on a price hike.

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Finally, an analysis of its price movement showed no significant activity at the moment. Concurrently, the open interest hovered around $600 million, signifying a moderate cash inflow.

These metrics collectively indicated that traders have not been fully committed to BNB. Hence, major price movement did not seem imminent for BNB, consistent with the trends seen on the price chart.

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Binance Coin Where does BNBs volume surge leave traders like you? - AMBCrypto News