The post Binance Coin eyes $650: Traders, watch out for THESE levels appeared on BitcoinEthereumNews.com.

BNB’s spot netflow data from Coinglass highlighted shifting investor behavior. The total number of BNB addresses recently reached a record 229 million, according to analysis. Binance Coin’s [BNB] ecosystem has experienced notable growth, reflecting strong market participation and adoption. Recent trends indicate a surge in active addresses, price volatility, netflow fluctuations, and open interest shifts. The number of BNB addresses recently hit a record 229 million, coinciding with BNB’s price rise from $517.75 to $598.44. From January end to mid-February, addresses increased steadily from 219 million to 228 million, showing growing user engagement. Early March saw a sharp uptick, further reinforcing the trend of rising activity within the BNB ecosystem. Source: Glassnode A temporary dip to 223 million addresses in early February, followed by a recovery, mirrored late January’s cyclical engagement patterns. Rising address counts often indicate growing demand, which could support BNB’s price increase. However, slowing adoption might lead to price stagnation. Over time, consistent address growth may reflect BNB’s strengthening position in the market. The link between active addresses and the price rise from $554 to $602 suggests a bullish trend. If this momentum persists, address totals could surpass 230 million. BNB:  Key levels and market sentiment BNB’s price movements on Binance’s 1-hour chart highlighted significant shifts. At press time, the price climbed from $596.34 to $601.01, peaking at $630 before retracing to $596.64. Source: Coinglass At the time of writing, the Relative Strength Index (RSI) has risen from 30 to 55.57, nearing 70, signaling bullish momentum after an oversold recovery. The Exponential Moving Average (EMA) 9/26 crossover at $596.64 suggests a potential buying opportunity. A double-bottom pattern near $550–$570 preceded the rebound, mirroring February’s uptrend. This indicates strong support at $550 and resistance at $630. If the RSI exceeds 70, BNB could break past $630 and aim for…

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Filed under: News - @ March 8, 2025 5:09 am