The post BNB Approaches New Highs with Increased Trading Volume and Positive Social Sentiment appeared on BitcoinEthereumNews.com.

Binance Coin (BNB) has surged to an all-time high of $794.3, propelled by a notable increase in trading volume and on-chain activity. As of press time, BNB was trading around $715.9, reflecting a robust upward trend backed by strong investor sentiment. According to analysis from CryptoQuant, the significant price movement aligns with rising social activity surrounding BNB. Explore the recent all-time high of Binance Coin (BNB) at $794.3, driven by increased trading volume and on-chain activity, signaling bullish market sentiment. BNB: Price and trading activity on the rise BNB, the native token of Binance, has demonstrated impressive momentum throughout 2024, culminating in recent peaks that reflect a substantial bullish trend. After reaching a new all-time high just four days ago, BNB was trading at approximately $715.9, indicating strong market activity. The rally is substantiated by increased trading volume, a clear indicator of heightened interest among traders, according to reports from CryptoQuant. The 30-day moving average for BNB trading volume has seen a steady increase since mid-2023, with recent figures nearing historical peaks. This consistent upward movement underscores rising confidence in both Binance and the broader cryptocurrency market. Technical indicators suggest that BNB, while showing some signs of being overbought with an RSI of 60.63, still possesses potential for further growth. The MACD continues to signal bullish momentum, keeping optimism alive among investors. Source: TradingView On-chain volume and social sentiment Recent on-chain analysis highlights a significant uptick in transactional activity for BNB, with volumes skyrocketing to over $6 billion coinciding with its price spike to an all-time high. As of now, the trading volume has adjusted, resting at approximately $2.24 billion but still reflects robust engagement across the platform. This surge aligns with the broader recovery of the market, enhancing confidence in Binance’s ongoing stability. Source: Santiment Additionally, insights from COINOTAG…

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Filed under: News - @ December 9, 2024 11:18 pm