Binance Coin price rose for the third consecutive day and reached its psychological point at $850. Binance Coin price has formed a descending triangle pattern. It is also about to form a death cross pattern. Therefore, the coin is likely to see a bearish breakout in the near term.
Binance Coin (BNB) token was trading at $856, down by nearly 40% from its highest point this year. This crash has coincided with the ongoing crypto market crash and its deteriorating metrics. Data compiled by Nansen shows that activity in the BNB Smart Chain has deteriorated in the past few months. For example, the network handled over 402 million transactions in the last 30 days, down by 83% in the last 30 days.
Like with Ethereum, the network’s fees dropped by 17% in the last 30 days to over $14.3 million. Its fees collection was the second highest after Tron (TRX), which made $29 million in this period. More data shows that the futures open interest of the BNB token has dropped to over $1.3 billion, down from this year’s high of $2.7 billion. A move below the lower side of the triangle at $817 would confirm the downside and point to more losses, potentially toward the $695 retracement level.
Leave a Reply