- The price of BNB has risen by more than 6% in the past seven days.
- A number of indicators looked bullish, and BNB’s network activity also remained high.
After CZ’s departure, fear arose BNB chain [BNB] price plummets. However, the currency managed to hold its ground.
In fact, the price of the coin has risen by more than 6% in the last seven days. Things could get even better if a promising bullish pattern emerges on the coin’s price chart.
BNB Chain’s price action looks solid
According to CoinMarketCap, BNB rose by more than 6% last week. At the time of writing, it was trading at $248.18 with a market cap of over $37.6 billion.
Ali, a popular crypto analyst, pointed out in a tweet on December 12 that BNB Chain could form a head-and-shoulders pattern.
#BinanceCoin could form a head and shoulders pattern. A sustained close above the neckline at $261 could trigger a bullish breakout, providing momentum $BNB towards $310! pic.twitter.com/C0MtO99j1f
— Ali (@ali_charts) December 12, 2023
His tweet stated:
“A sustained close above the neckline at $261 could trigger a bullish breakout, pushing BNB towards $310!”
AMBCrypto then looked into it BNB‘s daily chart to see the possibility of BNB reaching $261. The MACD showed a clear bullish upper hand on the market.
The Chaikin Money Flow (CMF) also recorded a promising revival in the recent past. However, some other indicators looked bearish.
For example, the price of the coin reached the upper limit of the Bollinger Bands. Furthermore, the Relative Strength Index (RSI) moved south near the neutral point, increasing the likelihood of a price correction.
Source: TradingView
BNB’s network activity is also up to standard
Although the blockchain price chart remained green, network activity has also increased somewhat in the recent past.
AMBCrypto’s analysis of Artemis’ facts revealed that BNB’s daily active addresses remained stable over the past month.
How many Worth 1,10,100 BNBs today
Interestingly, the blockchain’s daily transactions rose sharply on December 7, 2023, indicating a sudden increase in BNB‘s network usage.
The state in the DeFi space also looked good as TVL increased.
Source: Artemis