- The Binance Coin price moved sideways on Monday.
- Binance has seen its inflows jump by $1.7 billion in the past 7 days.
- BNB Chain DeFi ecosystem has seen its total value locked (TVL) plummet.
BNB Coin price remained at an elevated level as inflows in Binance continued rising. Binance Coin, the platform’s native token, rose to a high of $340 on Monday, about 28% above the lowest level this month. This increase was in line with the performance of other cryptocurrencies like Bitcoin and Ethereum.
Binance inflows continue
Binance, the biggest cryptocurrency exchange in the world, has seen robust inflows in the past few weeks. Data compiled by DeFi Llama shows that the total inflows in Binance jumped by more than $370 million in the past 24 hours.
Investors have pumped over $1.7 billion in the past 7 days, bringing the total clean assets to more than $57 billion. Total assets stands at over $78 billion. Other exchanges like Bitfinex, Bybit, and Gate.io have seen the total inflows jump.
This performance is mostly because of the performance of Bitcoin in the past few weeks. Bitcoin price soared to over $28,000, the highest level since June 2022. It has pumped by over 70% from its lowest level this year, making it one of the top assets.
Read more: How to buy Binance Coin.
Historically, crypto exchanges tend to see more inflows when Bitcoin is doing well. For example, Binance had the most assets when BTC was trading at over $67,000 in 2021.
However, a closer look at Binance DeFi platform shows that it has had some challenges in the past few months. The total value locked in the BNB Chain has dropped to 14.6 million BNB, the lowest level since March 26 2021. At its peak, the ecosystem had over 39 million BNBs.
In dollar terms, the BNB chain has over $4.7 billion in TVL, lower from the year-to-date high of $5.6 billion. In contrast, Tron’s TVL has soared by 19% to over $5.3 billion in the past 7 days.
BNB Coin price prediction
The 4H chart shows that the BNB coin price has been in a strong bullish trend in the past few days. During this jump, the coin managed to move above the 50-period and 100-period exponential moving averages (EMA). Then two averages recently made a bullish crossover.
BNB has also formed a symmetrical triangle pattern that is shown in blue. This pattern can be said to be a bullish pennant. Therefore, with Bitcoin targeting the key resistance at $30,000, there is a likelihood that the Binance Coin price will continue rising as buyers target the key point at $350.
