Binance Coin (BNB) Faces Profit Taking, But Investors Remain Optimistic?

Bittime - The price of Binance Coin (BNB) has recently experienced a correction after shooting to its highest point in history (ATH) at $720 (around Rp. 11.52 million) on June 6. This correction occurred due to profit taking by investors after enjoying a significant price increase.

Reporting from AMBCrypto, BNB managed to break the upper limit of the horizontal channel on June 4, signaling strong bullish momentum. However, when many investors flocked to take profits, the price of BNB fell by around 4%. When this article was written, the price of BNB was around $688 (around IDR 11 million).

BNB Investors Hold On, Accumulation Still Occurs

Even though there is profit taking, the current BNB price movement still shows optimism from investors. This can be seen from the efforts of other investors who are trying to maintain the support level at $632 (around Rp. 10.11 million).

Technical indicators such as the Relative Strength Index (RSI) and Money Flow Index (MFI) also support this.

Currently, BNB's RSI value is at 70.25 and MFI is at 68.15. This figure shows that even though selling pressure is strong, buying momentum is still high enough to withstand price declines.

Apart from that, the reading from BNB's Directional Movement Index (DMI) also shows a bullish signal. This indicator shows that the strength of buyers (bulls) is still more dominant than sellers (bears).

The same thing was also shown by Chaikin Money Flow (CMF) which was at 0.21. A positive value on the CMF indicates a steady flow of money into the asset, again indicating positive sentiment from investors.

BNB Open Interest Hits 3-Year High

On June 7, open interest (total futures contracts that have not yet been closed) for BNB reached a 3-year high of $1.12 billion (around IDR 17.92 billion). This increase in open interest indicates increased trading activity and investor interest in BNB.

This is also supported by the fact that the funding rate (fees paid between long and short position holders on futures contracts) for BNB has been positive since May 21. This means that more and more investors are betting on future BNB price increases.

Despite the profit-taking, various technical indicators and trading activity show that investors are still optimistic about BNB's future. However, of course future price developments will really depend on overall market sentiment.

How to Buy Binance Coin (BNB) on Bittime

You can buy and sell Binance Coin (BNB) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

Binance Coin (BNB) available on Bittime with market pair BNB/IDR. To be able to buy BNB IDR Of Bittime Make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Study Complete guide on how to buy Binance Coin (BNB) on Bittime.

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