BNB price has soared by more than 26% from the lowest point in December.
Binance has seen over $7.5 billion in outflows in the past 30 days.
Inflows have risen by over $1.2 billion in the past 7 days.
BNB price has started the year well as inflows to Binance and its DeFi ecosystem rise. Binance Coin rose to $280 on Wednesday, which was the highest point since December 13. The coin has surged by more than 26% from the lowest level in December last year.&
Binance inflows rise
The BNB coin came under intense pressure in the fourth quarter of 2022. Following the collapse of FTX that we covered& here,& investors started worrying that Binance could be next. Besides, Binance is an opaque company that has no headquarters and is not regulated.&
The situation worsened when Binance’s auditor, Mazars, said that it will end its work on crypto companies. Binance’s proof-of-reserves numbers were also criticized for not being in-depth enough. The company is being investigated in the US. And earlier this week, it was reported that regulators were questioning hedge funds with exposure to Binance.
As a result, Bitcoin FUD trended on Twitter, pushing people to withdraw their funds from the exchange. Data published by DeFi Llama shows that investors have withdrawn over $7.35 billion from the exchange in the past 30 days.
Recently, however, with& cryptocurrency prices& rising, inflows have started to rise. Investors have added over $1.2 billion in Binance. They deposited $352 million in the past 24 hours. This increase has coincided with a period when coins are doing well, with Bitcoin sitting comfortably above $17,500.
The BNB price has also risen as inflows also moved to Binance’s DeFi protocol. Inflows to the ecosystem have risen by over 8% in the past 7 days to over $4.4 billion. These gains have been led by PancakeSwap, whose TVL rose by 9%. Wombat Exchange has also seen its TVL rise.
Still, there are questions whether these inflows will continue when cryptocurrency prices retreat. Besides, some analysts worry that this rebound is a dead cat bounce.
BNB price prediction
The four-hour chart shows that the BNB coin price has been in a strong bullish trend in the past few days. It managed to move above the important resistance level at $265, the highest level on December 16. It moved above the 25-day and 50-day moving averages.&
The Relative Strength Index (RSI) rose above the overbought level. Therefore, I suspect that Binance Coin will retreat and retest the key support level at $265. On the other hand, a move above the important resistance point at $285 will invalidate the bearish view.
How to buy Binance Coin
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Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
The post BNB price prediction as Binance Inflows Rebound appeared first on CoinJournal.
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