The bennenge coin price retreated for four consecutive weeks as the broad altcoin market lost speed.
Binance Coin (BNB) fell to more than 20%, $ 645.05 in December last year.
BNB series are strong basic things
The BNB price retreated even after the network’s fundamental strengthened in January. Nansen data shows that the number of addresses on the BNB series increased by 40% to about 20 million in the last 30 days. It creates the third largest range in this metric after Solana (Sol), base and Tron.
BNB Chain transactions increased by 3.2% to more than 126 million in the last 30 days, a sign that the network is doing good.
More data suggests that the network is doing good in the decentralized exchange industry, where it is closing the difference with the atherium. The DEX protocol on the BNB chain handled $ 24 billion tokens in the last 7 days, while the Etharium processed $ 19 billion. They handle $ 80 billion In the last 30 days, a slightly less than $ 84 billion of the atherium.
Other rapid catalysts for BNB value have sufficient number of tokens burnt in each day and quarter. In the last seven days, BNB provoked 363 coins worth more than $ 236,815 as part of real -time burning, which burns gas fees in the ecosystem.
The network will burn 1.6 million BNB tokens of $ 1.01 billion this month. These tokens are part of its quarterly auto-burn mechanism, depending on the BNB value and the number of coins burnt in each quarter.
Technical suggestions that BNB may reversed the price
The weekly chart suggests that BNB is in the process of creating a handle section of the price cup and handle pattern. C & H is a popular pattern consisting of a round bottom and a handle, and is one of the fastest pattern in the market.
The price of BNB remains above the moving average of 50-week and 100-week, an indication that the bulls are in the market.
The depth of the cup is about 78%. Measuring the same distance from the top of the cup provides a price target of about 90% from the current level. The rebound of that target will take time as this pattern is built on the weekly chart.
