Binance Coin [BNB] Price Analysis: Bullish Momentum Taking Root

– Binance Coin [BNB] has reacted extremely positively over the past two days of trading, gaining 20.5% within four days.
– The daily market structure has turned bullish and a retracement before a sustained move higher up the charts remains possible.
– Spot CVD is surging past February highs in response to demand, while funding rate has slowly climbed back into positive territory, indicating long positions are once more dominant in the market.

Bullish Market Structure

The daily timeframe showed that the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark had posed some resistance over the past 24 hours. A strong confluence of support at $292 was found, which included the 78.6% Fibonacci retracement level and Value Area Low (VAL). Moreover, the price action from early March showed that this region ($285-$292) was significant support on the lower timeframes too.

The Relative Strength Index (RSI) crossed above 50, which indicated that bullish momentum had taken root in the market. The On Balance Volume (OBV) also recorded gains and could continue higher if buyers remain active in this period of consolidation.

Demand Rising In Spot Market

The spot Continuous Derivative Volume (CVD) rose significantly, surpassing its previous February highs in response to rising demand for BNB tokens among traders and investors alike. However, Open Interest (OI) dipped slightly over 48 hours despite an increase in price – suggesting there may be room for further upside movement if buyers remain active in this period of consolidation.

Potential Retracement Levels

Longer-term buyers can wait for a retracement into the $285-$292 zone as it has shown significant support on lower timeframes since early March and remains a potential entry point based on Fibonacci levels too. More risk-averse traders can wait for a positive reaction over three days before looking to buy and trade with the trend while monitoring indicators like RSI and OBV closely as well as keeping an eye on OI levels too.

Conclusion

In conclusion, Binance Coin [BNB] is showing signs of strength with its latest surge higher up the charts accompanied by strong demand from spot markets as seen by rising CVD figures along with funding rates returning to positive territory – suggesting longer positions are once more dominating current sentiment in this market segment . Traders should keep an eye out for potential pullback levels around $285-$292 before entering any new positions depending on their risk appetite while monitoring indicators like RSI and OBV closely too alongside OI levels as well

• Voyager has started the process of liquidating its digital assets, which includes 100,000 ETH.
• This could lead to a wave of sell pressure in Ethereum’s market, pushing prices below $1,500.
• Shorts traders might take advantage as bearish expectations continue to mount due to anticipated rate hikes from the Federal Reserve.

Voyager Starts Liquidation Process

Voyager recently filed for bankruptcy after suffering heavy losses and has begun the process of liquidating its digital assets. Initial data reveals that the company holds slightly over 100,000 ETH in addresses which will be sold off to creditors. The estimated value of these ETH holdings is over $150 million.

Ethereum Sell Pressure On The Way?

The impending liquidations may translate into a large amount of sell pressure within the next few days and possibly trigger a deeper bearish move below $1,500. So far bears have managed to push Ethereum’s price down by 12% since February highs to its press time price of $1,527.

Bearish Outlook Strengthens

Bearish expectations have been further strengthened courtesy of expected rate hike increases from Federal Reserve chairman Jerome Powell during a recent Senate hearing. He revealed that they might have to raise rates if they want to combat inflation better.

Leverage Ratio Suggests Short Positions Increase

This could be seen in futures estimated leverage ratio which has improved over the last two weeks as prices dropped. There appears to be healthy demand for short positions judging by the surge in this metric in the past two days alone despite bearish conditions prevailing overall.

Conclusion

Overall it looks like shorts traders will likely take advantage as sell pressure rises from Voyager’s liquidation and rate hikes remain on the horizon. It remains uncertain how much Ethereum’s price will drop but any sharp drops should not come as too much of a surprise given current market conditions

• Cardano’s stablecoin Djed has become the fourth largest project in the ecosystem.
• It was developed by Input Output and COTI networks and allows users to borrow and use it as collateral.
• Aada Finance is working on a full integration of Djed, which will allow users to borrow DJED and SHEN tokens.

Cardano’s Stablecoin Djed Rises to Fourth Largest Project

Djed Becomes Cardano’s Fourth-Biggest Project

Cardano’s [ADA] stablecoin Djed which launched on 31 January, has surpassed many projects in the ecosystem to become the fourth largest. Created by the blockchain’s development group Input Output in collaboration with the COTI network, Djed serves as the algorithmic stablecoin for Decentralized Applications (dApps) in the Cardano ecosystem.

COTI Team Pleased with Milestone

COTI, the blockchain enterprise provider revealed details of the development via a 2 March Medium post. According to their blog post, they were glad about this milestone and are now focusing on increasing adoption of DJED by creating more use cases for it and its reserve coin Shen. In February, Djed boasted of a 600% reserves ratio with 27 million ADA backing the stablecoin. With this over-collateralization mechanism, Djed would be able to remain stable irrespective of market conditions.

Djeds Contributions to Total Value Locked

It is also significant that DJED has contributed significantly to Cardano Total Value Locked (TVL). This metric shows how many unique deposits are made into an ecosystem by protocols. As of this writing, DeFiLlam showed that DJED’s addition to TVL was around $10.49 million despite its decline in last 30 days. This rise helped DJED gain 9% of total Cardano TVL according to Adaverse News | Cardano and Ergo News (@AdaverseNews).

Aada Integration With Djeds

Further details from COTI release disclosed that they were preparing a full integration with Aada Finance which is a lending protocol within Cardano’s system. This full implementation would allow users not only borrow but also lend both DJED & SHEN tokens through Aada Finance platform .

Conclusion

All these developments point towards increased usage for DJs reserve coins along with its over-collateralization mechanism making it resilient against market fluctuations . The team is focusing on expanding its adoption & usefulness while ensuring secure transactions among other features thus making it one of major projects within Cardanos eco system .