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Home»Bitcoin»Why BNB could see a sharp sell-off in October
Bitcoin

Why BNB could see a sharp sell-off in October

2023-10-13No Comments3 Mins Read
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  • BNB’s open interest has risen by double digits over the past eleven days.
  • This means that the currency is at risk of liquidation.

Due to its statistically significant correlation with Bitcoin [BTC]Binance coin [BNB] has also seen an increase in open interest since the beginning of the month.


Realistic or not, here is BNB’s market cap in BTC terms


At $353.88 million at the time of writing, BNB’s open interest is up 11% since October 1, data from Mint glass showed.

Source: Coinglass

In a recent post on market this month.

🤑 The growing number of outstanding futures and options direction #Bitcoin can borrow #cryptoWe were unable to launch here in October. Rising open interest, especially when $BTC Starting to see $7 billion or more often indicates greed. It currently stands at $6.19 billion. https://t.co/DHSaJGvQtI pic.twitter.com/zkE6qbDjN9

— Santiment (@santimentfeed) October 11, 2023

Regarding BTC, Santiment stated that a rise in the coin’s open interest, especially above $7 billion, is often indicative of increased greed and is often followed by a correction, which drives down the value of the coin.

The data provider referenced BTC’s deleveraging on August 17, which saw the key asset record its most significant sell-off on a single day of the year. Between August 17 and 18, BTC open interest fell by 7%.

BNB so far this month

At the time of writing, the fourth-ranked crypto asset was exchanging hands at $205.80. According to data from this month, the price of the altcoin has fallen by 4% CoinMarketCap.

Price movements assessed on a 24-hour chart showed that sellers initiated a new bear cycle on October 9, which has contributed to the asset’s downward slide since then.

See also  Cardano's New Bitcoin Bridge: Enough to Take the ADA Above $0.33?

A look at BNB’s Moving Average Convergence Divergence (MACD) showed an upward crossing of the signal line with the MACD line on October 9, and the indicator has been highlighted by red histogram bars ever since.

When an asset’s MACD line dips below the signal line, it is interpreted as a bearish signal.

Furthermore, the coin’s negative direction indicator (red) rested at 22.11 at the time of printing above the positive direction indicator (green), which yielded a value of 12.74.


Read Binance Coin’s [BNB] Price forecast 2023-24


When an asset’s Directional Movement Index (DMI) is set up in this way, it indicates that the sellers have stronger control over the market.

Finally, BNB’s Relative Strength Index (RSI) and Money Flow Index (MFI) were below their center lines at 38.21 and 35.29 respectively at the time of writing. This showed that coin distribution exceeded accumulation among BNB’s daily traders.

Source: BNB/USDT on TradingView



Source link

BNB October selloff Sharp
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