You Won’t Believe How High BNB Volumes Have Soared! 🚀

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  • So, weekly DEX volumes on BNB Chain have skyrocketed to a staggering $17.74 billion. That’s the highest since December 2021. Who knew people had that much time and money to throw around? 🙄
  • And guess what? BNB is doing this little dance within an ascending triangle pattern on its daily chart. Sounds fancy, right? It might just break out toward the 1.618 Fib level. Whatever that means! 😏

Binance Coin [BNB], the sixth-largest cryptocurrency with a market cap of $100 billion, managed to squeeze out a 2% gain in just 24 hours, trading at $697. Good for it! 🎉

These gains are just a tiny reflection of a slight recovery across the broader market. You know, the kind of recovery that makes you think, “Wow, I’m so glad I invested!”

BNB hit an all-time high of $793 back in early December, but every attempt to reclaim that glory and maybe, just maybe, break past $800 has been met with strong resistance at $722. Classic! 😩

But hey, rising DeFi activity might just help this breakout happen sooner rather than later. Fingers crossed! 🤞

DEX volumes soaring to $17.74 billion

According to DeFiLlama (yeah, that’s a thing), weekly DEX volumes on BNB Chain have hit an all-time high in three years. Who knew? 🤷‍♂️

The usual suspects, PancakeSwap and THENA, are leading this growth spurt with a 298% and 111% increase in their weekly volumes, respectively. It’s like a race, but with money! 🏁

This surge might just be good news for BNB, the token that everyone seems to love. More people using the network for DEX transactions means higher demand for BNB. It’s like a popularity contest, but with money! 💸

On top of this optimistic outlook for BNB Chain, the token’s daily chart is showing some bullish trends. It might just help it break past that elusive $800 mark. Or not. Who knows? 🤔

Analyzing BNB’s ascending triangle pattern

BNB is hanging out in an ascending triangle pattern on its daily chart, which suggests that the bulls are in control. The upper trendline is at $722. Can you feel the tension? 😬

If BNB breaks through this level, we could be looking at a sustained uptrend. Or we could just be waiting for the next big crash. Either way, it’s exciting! 🎢

The Relative Strength Index (RSI) is on the rise, crossing the 50 mark, indicating that buyers are coming back. But let’s not get too excited; a surge in buying pressure could lead to a breakout to the 1.618 Fibonacci level ($823). Or it could all fall apart. Who knows? 🤷‍♀️

But watch out for those bearish trends shown by the red Awesome Oscillator (AO) bars. They’re like the party poopers of the crypto world. 😒

If the bears take over and the price drops below the support at the lower trendline, well, that could ruin the whole bullish vibe. Just saying! 😬

Is BNB headed for a short squeeze?

BNB’s liquidation heatmap is looking a bit crowded above the current price. If BNB manages to rally past $706 and triggers those liquidations, a short squeeze could happen. And then it’s a mad scramble for short sellers to buy back in. Classic chaos! 😅

And just when you thought it couldn’t get any better, there’s another liquidation level lurking below at $678. If BNB drops below that lower trendline and hits that price, it could pull everything down with it. Like a bad date! 😬

So, traders, keep an eye on that critical support at the 0.5 Fibonacci ($681). If it breaches, it might just strengthen the bearish case. What a rollercoaster, huh? 🎢

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2025-01-22 23:51