Here’s why Binance Chain (BNB) will face an important price test on September 30
2022.09.17 18:13
Here’s why Binance Chain (BNB) will face an important price test on September 30
BNB, the native token of Binance’s BNB Chain, entered a symmetrical triangle formation on Aug. 10, when it first faced the descending trendline at the $335 resistance. The following five weeks have been a struggle around $280, the exact intersection between the two conflicting ascending and descending patterns.
BNB token/USD at FTX. Source: TradingView
A decision on whether the symmetrical triangle will break to the upside or downside is expected by Sept. 30, when the trendlines cross. Currently holding a $45 billion total market capitalization, BNB Chain token has outperformed the broader altcoin market by 15% over the past three months.
BNB Chain Total Value Locked, BNB. Source: DefiLlamaTop BNB Chain DApps by active addresses in 30-days. Source: DappRadar
