HomeNewsBNB Price Crawls Back as Binance Inflows Rebounds
BNB Price Crawls Back as Binance Inflows Rebounds

BNB Price Crawls Back as Binance Inflows Rebounds

Last updated 31st Jan 2023
  • BNB price has crawled back in the past few days as Binance inflows rose.
  • BNB Chain DeFi TVL has risen to over $6 billion.

Binance Coin has held quite steady as investors assess the state of its ecosystem. BNB price rose to a high of $260 on Thursday, which was the highest level since December 15. It has risen by more than 16% from the lowest levelin December.

Binance outflow reverses

Binance Coin price has done well in the past few days as investors react to rising inflows in the ecosystem. Data compiled by DeFi Llama shows that Binance investors have pulled over $8 billion worth of assets in the past 30 days.

Recently, however, the outflow situation appear to be easing as investors have moved back into the ecosystem. Data shows that inflows in Binance have risen to more than $812 million in the past 24 hours. Inflows have risen by over $516 million in the past 7 days.

Other exchanges have also had inflows this year. For example, Binance US has had inflows worth over $194 million while Bybit has added $102 million in the past 7 days. Crypto.com has added over $145 million. The rise in inflows brings Binance total assets to more than $56.23 billion.

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Binance has been under pressure in the past few months following the collapse of FTX. American regulators have accused Binance and its executives of not having enough controls to prevent money laundering and other crimes. The situation has been exurcibated by the lack of clear audited financials.

Binance Coin has also held well as its DeFi ecosystem has done well in a difficult time. Data shows that BNB Chain s the second-biggest DeFi protocol in the world after Ethereum. Its total value locked (TVL) has risen by 2.60% in the past 30 days to $6 billion. It has stablecoins worth over $9 billion. These gains have been led by PancakeSwap, Alpaca Finance, and Venus.

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BNB price prediction

The daily chart shows that the BNB price has crawled back in the past few months. As it rose, the coin moved above the important resistance point at $254.9, which was the lowest point on December 23, 14, and 20th. This is known as a break and retest pattern.

Binance Coin price has also moved below all moving averages and formed a head and shoulders pattern. Therefore, the coin will likely resume the bearish trend as sellers target the next key support level at $220, A drop below $220 will lead to a possibility of it crashing to $200 and below.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.