- Binance Coin (BNB) showcased a robust 6% increase over a week, defying expectations of a decline post- Zhao’s departure.
- BNB’s network shows increased activity with stable daily addresses and a spike in transactions on December 7, 2023.
- The altcoin’s strengthened network activity and rising DeFi space presence indicate growing investor confidence.
Binance Coin (BNB), the native currency of the Binance exchange, stands as a beacon of stability and growth. The BNB token has recently captured attention with its unexpected market resilience. Following the departure of Changpeng Zhao, Binance’s CEO, market analysts anticipated a potential downturn in BNB’s value. Contrary to these predictions, BNB has maintained stability and exhibited a commendable uptrend.
#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
Crypto expert Ali highlighted a significant development in BNB’s price chart on December 12. According to his analysis, the BNB Chain forms a head-and-shoulders pattern, a classic bullish indicator. If BNB sustains a closing above the critical neckline of $260, it could trigger a bullish breakout, potentially propelling its value toward an impressive $310. The bullish and bearish price fluctuations over the week suggest a consolidating and accumulating period for BNB. However, the current price shows bullish dominance as the daily chart candle closes above EMA-10.
The green streak in BNB’s price chart is mirrored by its network activity. A deep dive into Artemis’ data reveals a consistent number of daily active addresses over the past month, indicating a stable user base. More strikingly, there was a sharp increase in daily transactions on December 7, 2023. This spike clearly indicates a surge in BNB’s network usage, reflecting heightened investor engagement and trust.
BNB’s performance in the decentralized finance (DeFi) sector further cements its robust market position. An uptick in its Total Value Locked (TVL) underscores growing investor confidence in BNB’s DeFi capabilities. This diversifies BNB’s appeal and reinforces its stature as a resilient player in the cryptocurrency market.
According to CoinMarketCap, BNB is trading at $250, with a 24-hour surge of 1.69% and a weekly increase of 6.90%, indicating a bullish trend in the market. BNB, the native token of Binance, has been gaining momentum in the cryptocurrency market, with BNB rallying above the $245 support level. The current market capitalization of BNB stands at $37 billion, making it the 4th largest cryptocurrency by market capitalization. The 24-hour trading volume of BNB is $ 890 million, indicating high liquidity and strong demand for the coin.
The daily technical analysis of BNB shows that the cryptocurrency is currently in an uptrend, with strong support at $245 and resistance at $310. The RSI for BNB also indicates a bullish market sentiment, with the RSI value at 63. This suggests that there is still room for growth and potential for further price increases in the near future. The Chaikin money flow indicator also shows a positive trend at 0.14, indicating that money flows into BNB, further supporting the bullish outlook. The 20-EMA and 50-EMA indicators also show a steady uptrend for BNB, with both moving averages continuing to rise.
