Here’s why Binance Chain (BNB) will face an important price test on September 30 By Cointelegraph


Here’s why Binance Chain (BNB) will face an important price test on September 30

BNB, the native token of Binance’s BNB Chain, entered a symmetrical triangle formation on Aug. 10, when it first faced the descending trendline at the $335 resistance. The following five weeks have been a struggle around $280, the exact intersection between the two conflicting ascending and descending patterns.

BNB token/USD at FTX. Source: TradingView

A decision on whether the symmetrical triangle will break to the upside or downside is expected by Sept. 30, when the trendlines cross. Currently holding a $45 billion total market capitalization, BNB Chain token has outperformed the broader altcoin market by 15% over the past three months.

BNB Chain Total Value Locked, BNB. Source: DefiLlama
Top BNB Chain DApps by active addresses in 30-days. Source: DappRadar