Binance Coin price remains on edge as the broader crypto market wavers. BNB trades around $627 on Saturday, far below last year’s peak near $1,373. The asset has formed a major bearish pattern, suggesting further downside.
On-chain data corroborate the weakness: active addresses declined 8.5% in the last 30 days to about 38 million, while network fees slumped by 83% to roughly $13 million. The BNB Chain’s share in the decentralized exchange space has waned, with networks handling around $46 billion in transactions, far below Solana’s and Ethereum’s levels of about $119 billion and $63 billion.
Technicals show a downtrend: the price has dropped from a high of $1,373 in October to around $627, trading below all moving averages. The Supertrend indicator has been in the red since January, and a bearish pennant pattern—a vertical line and a symmetric triangle—is forming. The near-term target is the year-to-date low at $572; a move below could open paths toward $500, while a rally above $660 could invalidate the bearish setup.
Leave a Reply