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BNB has continued to show its strong network performance despite recent price volatility. Recent tweet data shows that for the past 30 days, BNB has remained on top of other blockchains in terms of unique addresses with an impressive 463 million total unique addresses.
This landmark achievement places it ahead of Polygon with 452 million and Ethereum with 277 million unique addresses respectively. A slight rise of 1% in terms of unique addresses from last month demonstrates its enduring appeal and robust network activity as well.
On the contrary, the price performance of this token is a different story altogether. At present, this coin is priced at $523.30 representing a gain of 3.49% within the last 24 hours. Nonetheless, even though it made some gains on short notice, it has declined from its most recent high at around $724.7 last recorded on June 6th by almost 27%.
At present Total Market Cap for BNB stands at $76.3 billion making it fourth largest cryptocurrency according to Coinmarketcap. There was also an additional backing up of bearish trend by volume traded over 24hrs after declining by approximately16.98%
Since August 29th,2023, BNB has been following an ascending trendline that has acted as both a support as well as a resistance. This uptrend line has been the single most influential factor in shaping the token’s price action for almost 1 year.
The recent price decline has brought BNB closer to this ascending trendline which now acts as a potential support level. We watch to see if the price will bounce off this support or break below it potentially signalling a shift in the long-term trend.
Currently, technical indicators are all bearish. A bearish crossing of MACD was seen supporting a downside momentum. RSI is going down very much, at 35, and bordering oversold territory. The RSI abrupt slump shows powerful bearish momentum within market.
Looking at metrics from coinglass, the BNB's long/short ratio has registered a sharp downtick. This data indicates that there are more sellers in the market relative to buyers.
All these data indicate that there is presently a bearish mood in the short term . However, as we near the critical support of the ascending trend line, there may be scope for change in direction of prices if this element gets defended by buying side participants.
While BNB Chain recent milestones highlight its strong network performance and financial health, bearish market sentiment and declining active addresses pose challenges for it. Therefore, how well Binance Coin (BNB) can sustain its network growth amidst reduced prices will be crucial to determine its future prospects and competitive position in the market place.
