Crypto
BNB Whale Uses Venus Protocol for Leveraged Long
A BNB whale has been observed using the Venus protocol to execute a leveraged long on the asset, taking advantage of its current price movement. The whale, identified as 0x2160, withdrew 8,474 BNB ($5.9M) from Binance and deposited it into the Venus protocol.
The whale then borrowed 2.6M USDT to repurchase more BNB on Binance, creating a loop of leverage that amplifies any potential gains. The current price of BNB sits at $698.38, within its Bollinger Bands, with an upper resistance at $715.5 and lower support at $668.4.
The moving averages (EMAs) continue to anchor the bullish structure, with the EMA50 at $658.67 and EMA200 at $613.57, while the MACD shows a death cross at 14.53 and RSI(14) registers 64.43.