While most cryptocurrencies fell, Binance (BNB) was climbing the charts. The token rose by 3.91% in the past 24 hours.
Data suggested that BNB’s pursuit of more gains may not have slowed down. As of the time of writing, it was still on the rise, up 0.03% during the last hour.
It is possible that the ascent of BNB came as a surprise, especially given the recent difficulties. Binance has been experiencing. Earlier, the SEC criticised Binance for its 2017 Initial Coin Offering of BNB (ICO).
Presently, CEO Changpeng Zhao is pursuing a lawsuit against Bloomberg’s subsidiary in Hong Kong over a post about him.
BNB has shown that it can perform in any situation. The altcoin suffered when the SEC probe became public. BNB traded at about £236 on July 6. On July 19, after the news, it dropped to £159. This didn’t prevent BNB from bouncing back, though.
It has since climbed from £172 to £227.
Despite the surge, BNB has only noticed a modest increase in volume. Santiment reports that the volume increased from 901.58 million on July 26 to 951.08 million at the time of writing. A good green day still seems iffy even though the increase may have helped the BNB price hike.
The BNB chain’s 24-hour active addresses had fallen from 5,911 to 5,362.
This can give the impression that the BNB rise isn’t strong enough. Investors might need to be patient and keep an eye on the trend. In addition, investors may want to look at the on-chain analysis to see potential price direction.
The DMI indicated some level of neutrality for BNB in its current position. The ADX has been moving in a similar direction except from the +DMI and -DMI closing up.
The results from the DMI appeared to be supported by the RSI. It was stable at the time of writing, sitting at neutral 50.17.
Nevertheless, it might not hurt to keep an eye on the rise in buying.