- BNB’s worth was up by greater than 6% within the final seven days.
- A number of indicators appeared bullish, and BNB’s community exercise additionally remained excessive.
After CZ’s exit, there was a worry of BNB Chain’s [BNB] worth plummeting. Nonetheless, the coin managed to carry its floor.
In reality, the coin’s worth went up by greater than 6% within the final seven days. Issues can get even higher as a promising bullish sample kinds on the coin’s worth chart.
BNB Chain’s worth motion appears strong
In response to CoinMarketCap, BNB was up by over 6% final week. On the time of writing, it was buying and selling at $248.18 with a market capitalization of over $37.6 billion.
Ali, a preferred crypto analyst, identified in a tweet on twelfth December that BNB Chain may very well be forming a head-and-shoulders sample.
#BinanceCoin may very well be forming a head-and-shoulders sample. A sustained shut above the neckline at $261 may ignite a bullish breakout, propelling $BNB towards $310! pic.twitter.com/C0MtO99j1f
— Ali (@ali_charts) December 12, 2023
His tweet talked about,
“A sustained shut above the neckline at $261 may ignite a bullish breakout, propelling BNB towards $310!”
AMBCrypto then had a take a look at BNB’s each day chart to see the potential of BNB touching $261. The MACD displayed a transparent bullish higher hand out there.
Its Chaikin Cash Movement (CMF) additionally registered a promising uptick within the latest previous. Nonetheless, a number of of the opposite indicators appeared bearish.
For instance, the coin’s worth touched the higher restrict of the Bollinger Bands. Moreover, its Relative Power Index (RSI) went southwards close to the impartial mark, rising the probabilities of a worth correction.
Supply: TradingView
BNB’s community exercise can be on par
Whereas the blockchain’s worth chart remained inexperienced, its community exercise additionally elevated considerably within the latest previous.
AMBCrypto’s evaluation of Artemis’ information revealed that BNB’s each day lively addresses remained steady all through final month.
How a lot are 1,10,100 BNBs price right this moment
Apparently, the blockchain’s each day transactions spiked sharply on seventh December 2023, suggesting a sudden hike in BNB’s community utilization.
Its state within the DeFi area additionally appeared good as its TVL elevated.
Supply: Artemis
