• BNB’s price and open interest have declined in the past few days.
• However, coin accumulation continues to exceed distribution. 

After peaking at $234 on 24 October, the price per Binance Coin [BNB] has been on a downward trajectory, according to data from Santiment. This decline has been accompanied by a significant drop in the coin’s open interest, suggesting that traders are closing their trading positions.

Is your portfolio green? Check the BNB Profit Calculator

At press time, the altcoin exchanged hands at $225.61, falling by almost 5% in the past three days. Its futures open interest was pegged at $304 million as of this writing, having declined by 8% since 24 October, according to data from Coinglass.

On the daily chart, BNB’s On-balance volume (OBV) revealed that the coin’s trading volume has also cratered during the period under review. Typically, a declining OBV alongside falling prices suggests weakening buying interest or increasing selling pressure.

The buyers remain in control

While the price decline experienced in the past few days suggests that buying momentum has slowed, the coin’s Directional Movement Index indicator showed that the bulls continue to have the upper hand.

This indicator measures the strength and direction of a trend in a market. At press time, the positive directional indicator (green) at 29.98 rested solidly above the negative directio

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Author: Abiodun Oladokun

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