Due to its statistically significant correlation with Bitcoin [BTC], Binance Coin [BNB] has also seen a surge in its open interest since...
In the last 11 days, BNB’s open interest has climbed by almost 10%. This, according to Santiment, is responsible for the slowed growth in the alt’s price since the month started.Source: Coinglass
The data provider referenced BTC’s deleveraging event of 17 August, which caused the leading asset to record its most significant single-day sell-off of the year. Between 17 and 18 August, BTC’s open interest recorded a 7% decline.At press time, the fourth-ranked crypto asset exchanged hands at $205.80. On a month-to-date, the altcoin’s price has dropped by 4%, according to data from
A look at BNB’s Moving Average Convergence Divergence showed an upward cross-over of the signal line with the MACD line on 9 October, and the indicator has since been marked by red histogram bards.Moreso, at press time, the coin’s negative directional indicator at 22.11 rested above the positive directional indicator , which returned a value of 12.74.
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