- BNB’s price was up by more than 6% in the last seven days.
- A few indicators looked bullish, and BNB’s network activity also remained high.
After CZ’s exit, there was a fear of BNB Chain’s [BNB] price plummeting. However, the coin managed to hold its ground.
In fact, the coin’s price went up by more than 6% in the last seven days. Things can get even better as a promising bullish pattern forms on the coin’s price chart.
BNB Chain’s price action looks solid
According to CoinMarketCap, BNB was up by over 6% last week. At the time of writing, it was trading at $248.18 with a market capitalization of over $37.6 billion.
Ali, a popular crypto analyst, pointed out in a tweet on 12th December that BNB Chain could be forming a head-and-shoulders pattern.
#BinanceCoin could be forming a head-and-shoulders pattern. A sustained close above the neckline at $261 could ignite a bullish breakout, propelling $BNB toward $310! pic.twitter.com/C0MtO99j1f
— Ali (@ali_charts) December 12, 2023
His tweet mentioned,
“A sustained close above the neckline at $261 could ignite a bullish breakout, propelling BNB toward $310!”
AMBCrypto then had a look at BNB’s daily chart to see the possibility of BNB touching $261. The MACD displayed a clear bullish upper hand in the market.
Its Chaikin Money Flow (CMF) also registered a promising uptick in the recent past. However, a few of the other indicators looked bearish.
For example, the coin’s price touched the upper limit of the Bollinger Bands. Additionally, its Relative Strength Index (RSI) went southwards near the neutral mark, increasing the chances of a price correction.
Source: TradingView
BNB’s network activity is also on par
While the blockchain’s price chart remained green, its network activity also increased somewhat in the recent past.
AMBCrypto’s analysis of Artemis’ data revealed that BNB’s daily active addresses remained stable throughout last month.
How much are 1,10,100 BNBs worth today
Interestingly, the blockchain’s daily transactions spiked sharply on 7th December 2023, suggesting a sudden hike in BNB’s network usage.
Its state in the DeFi space also looked good as its TVL increased.
Source: Artemis
