Binance Coins [BNB] The strange behavior, since early September, may have disappointed investors. However, a report revealed that the cryptocurrency on the exchange managed to perform well in some other areas.
according to BNBburn, the number of tokens burned in the third quarter (Q3) exceeded the entire record for the second quarter. At press time, BNB tokens have been burned in the third quarter 2,040,503.56 BNB compared to 1,976,739.87 BNB in the second quarter.
Interestingly enough, all this happened despite the low average trading price that the first recorded. As expected, this made a huge difference to the value of BNB burned. The second quarter was valued at $626,356,129,623 while the third quarter was valued at $562,592,435.15.
In dire need of a helping hand
Despite the surge in burning tokens, it appears that BNB may need some help. Details from Davy Lama It showed that the total locked value (TVL) on the Binance Smart Chain (BSC) was lower than the 27th of September.
According to DeFi Llama, BNB’s TVL is valued at $5.25 billion at press time, which is a 1.87% decrease from the previous day.
Moreover, the price of BNB was not the only one that fell. A look at his one-day trading also showed that he wasn’t impressive anywhere. additional, feelings The data showed that the September 20 high of 358K retracted to 125K.
Fortunately, it appears that merchants have been more active in the NFT segment of the BNB chain. On-chain data platforms showed BNB NFT trading at $1.52 million at the time of writing.
What about the graphs?
A few days ago it was observed that the effect of combustion can not lead BNB to $300. Then BNB was trading just above the current price. So, has the momentum changed since then?
Awesome Oscillator (AO) showed that BNB’s momentum is bearish with a value of -4.3. The case of the AO also showed a bearish double top, indicating that upward momentum is unlikely in the near term.
There was a similar result with the Relative Strength Index (RSI). Based on the four-hour chart, the RSI has surrendered to the overbought pressure it experienced earlier.
As BNB has repeatedly failed to maintain support and resistance, expectations for a price hike in the fourth quarter may be at a very low point. However, assuming there are lower profits may seem too hasty Bitcoin [BTC] It cannot be written off upon redemption. In most cases, BNB follows the same trend.