The BNB price pulled back to the lowest level since August 4 as cryptocurrencies recoiled. The token dropped to a low of $308, which is about 9.8% below the highest level this month. Still, the price rose by more than 67% from its lowest level this year, giving it a market cap of over $54 billion.
BNB tokens rise
BNB Chain, formerly known as Binance Smart Chain, is a blockchain platform that helps developers build decentralized applications (dApps).
It is a leading platform that has been used to build some of the biggest applications in the industry. Some of the top applications in the ecosystem are PancakeSwap, Venus, Alpaca Finance, and BiSwap.
BNB Chain has also been used to build some of the top games in the industry. Some of the top games in the ecosystem are MOBOX, SecondLive, Tiny World, and BinaryX.
At the same time, there are several other smaller projects that are seeing significant traction. For example, Rubic, which has a TVL of over $150 million, has risen by over 940% in the past seven days.
Similarly, Bomb Money’s token has risen by 181% while Bitgert price has risen by 136%. Other top coins in the BNB Chain like Stader and IInch have risen by 117% and 24% in the past few days.
The BNB price has dropped sharply in the past few days as investors take profits. Other cryptocurrencies like ETH, BNB, and XRP have all dropped.
At the same time, the total value locked (TVL) has dropped from an all-time high of over $21 billion to about $5.6 billion. Further, the volume of all non-fungible tokens (NFT) in BNB has dropped sharply in the past few days. According to CryptoSlam, the total volume of NFTs in the network has dropped by 54% in the past 24 hours to $229k.
BNB price prediction
The four-hour chart shows that the BNB price has been in a strong bearish trend in the past few days. It has dropped from this week’s high of $336 to the current $308. The coin has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been falling.
Therefore, the coin will likely continue falling as sellers target the lower side of the ascending channel at $290. A move above the resistance level at $322 will invalidate the bearish view.