BNB price continues to hold ground at the $770 mark after experiencing an impressive upward move during September, as derivatives market action remains high, and a new Alpha trading competition is announced by Binance.
Currently, BNB is trading at $770.61 after registering a rise of 0.42% over the last 24 hours. From the TradingView chart below, it is evident that the token continues to trade well above the benchmark support levels of $647.90 and $594.45, with rising open interest and volumes recently.
Also Read: BNB Price Breakout Setup Points to $1,400 as Tokenized Stocks Gain Traction
What Are the Implications of the Binance Wallet Update for BNB Price?
A post by the official X account of Binance Wallet highlights the Binance Alpha Trading Competition, which includes COAI trading and $200,000 rewards. The post also highlights the presence of Rising Trader Boost and higher trading multipliers for users engaged in early trading activities.
The post states: “Trade COAI with $200K worth of rewards up for grabs.” It also says that Day 1 trades receive a “2.0x multiplier.”
This particular update is more about Binance Alpha trading activities and not directly about the impact on BNB prices. The increased focus on trading activity comes in an environment where BNB already has increased trading volume and open interest.
BNB Price Holds Steady on September Rise Trend
As shown on the TradingView graph, BNB had a noticeable increase in its value all throughout September after breaking above the $647.90 level. The recent price moved close to $800 before the correction took place, making $800 the near-term resistance that needs to be watched.
$647.90 is now the significant level of interest in case the upward price trend weakens. A deeper pullback may bring back $594.45 into focus.
Also Read: OpenEden Expands BNB Chain RWA Push With Tokenized Treasury and Bond Funds
What Does the BNB Price TradingView Chart Suggest?
Although momentum is still bullish, it has been cooling off from its previous high. RSI is at 61.14, keeping BNB on the higher side of the 50 threshold without entering the overbought territory around 70.
The MACD indicator continues to be bullish, with the MACD line at 23.92, above the signal line of 22.77 and a histogram of 1.16. It supports the current upward trend, albeit with the lower histogram value suggesting that momentum is not growing rapidly.
How Is BNB Open Interest Behaving?
Based on information from CoinGlass, there has been an appreciable increase in BNB open interest since July, reaching a total value of around $1.25 billion in late September. The increase corresponds to the overall rise in price, showing increased derivatives activity as BNB’s price has risen.
The trading volume has also remained high, with several days in September experiencing more than $1 billion in trading volume.
Also Read: BNB Price Targets $5,000 Rally as Tokenized Stock Growth Boosts BNB Chain
Is the BNB Price Capable of Exceeding $800?
Breaking above the $800 level will put the focus back on the previous high and could provide confirmation that buyers are maintaining strength in the upper part of the current range. In turn, failing to return the price above this level can be perceived as a consolidation signal or a move back toward $647.90.
Currently, the technical situation is positive, but the RSI and MACD indicators do not suggest that there will be an unlimited path for the price movement. Thus, market players can watch how BNB holds its highs while open interest and trading volume remain elevated.
The technical setup for BNB remains bullish in the vicinity of the $770 mark, thanks to the overall September rally and the MACD indicator. The Binance Wallet update adds to the current trading activity backdrop but doesn’t provide a dedicated BNB catalyst in the current market environment.
The key levels to keep an eye on are $800 on the upper side and $647.90 on the lower side. The open interest, trading volumes, and market response in the vicinity of these levels may help to determine whether the current rally will continue or turn into consolidation.
The cryptocurrency markets are extremely volatile, so traders should closely monitor prices, sentiment, and future catalysts before taking any investment decisions.
Also Read: BNB Price Targets $850 Breakout Amid Rising Binance Stablecoin Liquidity
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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