Binance Coin (BNB) has faced challenges as its price dropped from resistance levels multiple times in two months, forming a falling wedge pattern.
Currently trading at $214.94, BNB has seen a 0.9% decrease in the last 24 hours and a small 0.6% gain in the past week. The price dipped below the critical $220 support level on August 31, suggesting a possible bearish trend.
However, BNB’s price has remained relatively stagnant amid market uncertainty, leaving traders unsure about its direction.
The falling wedge pattern, which can indicate exhaustion in a bearish trend, might signal a potential trend reversal. If the recent drop below $220 cannot be sustained, it may pave the way for buyers to challenge resistance levels.
BNB weekly price action. Source: Coingecko
Binance Coin’s Potential for a Reversal
If Binance Coin (BNB) manages to break out of its current falling wedge pattern, it could experience a bullish trend, potentially reaching prices of $234 or even higher, like $247 or $263.
In another interesting development, PancakeSwap (CAKE) has achieved a big milestone in the crypto world. In the past month, its monthly revenue has exceeded that of BNB Chain, which is quite significant.
— glebk.eth (@glebk_eth) September 7, 2023
PancakeSwap runs on BNB Chain because it has lower fees than Ethereum (ETH), making token swapping much cheaper for users.
According to Token Terminal data on September 6, PancakeSwap earned $96,237 in fees, showing a significant increase in user activity compared to the previous day.
In comparison, BNB Chain’s total revenue for the past 30 days was $931,700 as of September 7. Surprisingly, PancakeSwap’s revenue during the same period exceeded expectations, reaching $970,800.
BNB market cap currently at $33 billion on the weekend chart: TradingView.com
Impact on the Crypto Market
These changes in the crypto market show how different blockchain platforms and decentralized exchanges are competing. BNB’s difficulty in overcoming resistance highlights the challenges cryptocurrencies face in going up when the market is uncertain.
As the crypto world keeps changing, people who invest in it will watch these trends carefully to see how they might affect the overall market and the future of different blockchain systems.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News