• BNB’s Open Interest and long/short ratio revealed that traders expect the price to fall
• Selling pressure heightened as whales also joined in

Coinglass data revealed that Binance Coin [BNB] short positions have continually overridden the longs, as indicated by the long/short ratio. Considered a barometer of investors’ expectations, the long/short ratio underlines the amount of available short contracts against those positioned in longs.

Read Binance Coin’s [BNB] Price Prediction 2023-2024

At press time, BNB’s long/short ratio was 0.94. Since this value was below 1, it suggests that the broader anticipation is for the coin’s price to decrease. Conversely, a value above 1 would have indicated positive expectations.

It’s not respite season yet

Lately, the exchange coin has been subject to selling pressure, caused by the rift between Binance and regulators from the U.S. As a result of this issue, BNB has lost 22.92% of its value in the last seven days.

Also, Binance CEO Changpeng Zhao (CZ) has tried to stop the FUD by explaining how the exchange is still standing strong, despite massive outflows. However, the effect has not been exactly glaring for BN

Go to Source to See Full Article
Author: Victor Olanrewaju

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details