BNB to $700? Here’s why it’s possible and here’s why it’s not
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Altcoin’s price moved from $593 to $607 after the Open Interest added almost $100 million
Momentum seemed bullish, indicating that the price could climb close to $700
Despite registering a lower value a few days back, Binance Coin’s [BNB] Open Interest (OI) has risen. On 30 May, for instance, the OI was down to $335 million on the charts.
However, press time data obtained from Santiment revealed that the metric soon climbed to $418.54 million. Here, Open Interest is a sign of whether more money is flowing into contracts related to a cryptocurrency or not.
The “god candle” appears
Whenever the OI increases, it means that traders are adding liquidity to the market. However, a decline in OI suggests increased position closure and an exit of liquidity from the market.
