- BNB price has risen more than 6% over the past seven days.
- Several indicators looked optimistic and BNB’s network activity also remained high.
After CZ withdrew, fear arose. BNB Chain (BNB) Price plummet. But the coin stayed in its place.
In fact, the price of the coin has risen by more than 6% over the past seven days. Things could get even better if a promising bullish pattern forms on the coin’s price chart.
The price movement of the BNB chain appears solid.
According to CoinMarketCap, BNB is up more than 6% in the past week. At the time of this writing, it was trading at $248.18, with a market capitalization of over $37.6 billion.
Ali, a well-known cryptocurrency analyst, pointed out in a tweet on December 12 that the BNB chain could form a head and shoulders pattern.
#Binance Coin It can form a head-shoulders pattern. A sustained close above the neckline at $261 could trigger a bullish breakout. $BNB For $310! pic.twitter.com/C0MtO99j1f
— Ali (@ali_charts) December 12, 2023
His tweet stated:
“A sustained close above the $261 neckline could trigger a bullish breakout, pushing BNB to $310!”
AMBCrypto looked at: BNBThe daily chart confirms the possibility of BNB reaching $261. MACD had a clear bullish lead over the market.
Chaikin Money Flow (CMF) has also posted promising gains recently. However, some of the other indicators were weak.
For example, the price of a coin has touched the upper limit of the Bollinger Band. Additionally, the Relative Strength Index (RSI) has moved south near the neutral point, increasing the likelihood of a price correction.
Source: TradingView
BNB’s network activity is also equivalent.
Although the price chart of the blockchain has remained green, network activity has also increased somewhat recently.
Artemis analysis by AMBCrypto data It said that BNB’s daily active addresses have remained stable throughout the past month.
how much? Currently worth 1,10,100 BNB
Interestingly, daily transactions on the blockchain increased sharply on December 7, 2023. BNBof network usage.
With TVL increasing, the state of the DeFi space also looked good.
Source: Artemis