On February 7th, Thursday, the crypto market showed a slight downtick as Bitcoin price extended correction below $100k. The selling pressure from the broader market continues to pressurize top altcoins like Binance coin, pushing them to key support in a higher time frame chart. The BNB price shows similar behavior as it retests the year-long support for a potential reversal.
Key Highlights:
- The recently launched Osprey BNB Chain Trust should bolster institutional and retail interest in Binance coins.
- Since December 2023, a long-coming ascending trendline has offered crypto buyers suitable pullback support to revive bullish momentum.
- The anticipated rally in BNB price could witness in-between resistances at $640, followed by $730,
BNB Chain Expands Beyond DeFi Despite Price PullbackÂ
Over the past two months, the BNB price recorded a significant correction from $793 to $573, accounting for 28.85%. Consecutively, the asset’s market cap plunged to $83.8 Billion, while the 24-hour trading volume is at $1.08B.
Despite the notable pullback, the BNB Chain ecosystem continues to evolve beyond Decentralized Finance (DeFi), making significant strides in Artificial Intelligence (AI), Decentralized Science (DeSci), and real-world asset projects.
In a recent tweet, SatoshiClub highlighted that BNB coin now runs 5,600+ Decentralized applications (Dapps) and boasts a total volume locked (TVL) of $3.36B, solidifying its position as one of the most active blockchains.
$BNB is being used beyond DeFi, powering AI, decentralized science (DeSci), and real-world asset projects.@BNBCHAIN now has 5,600+ Dapps and $3.6B in TVL, making it one of the most active blockchain ecosystems.$BNB is evolving, real adoption is happening. pic.twitter.com/OKvvwDQPqk
— Satoshi Club (@esatoshiclub) February 6, 2025
The growing adoption of the Binance coin could directly impact the demand pressure on its native cryptocurrency, BNB.
BNB Price Rebounds from Rising Wedge SupportÂ
Amid the crypto market sell-off on February 3rd, the BNB price reached a low of $500 and retested a long-coming support of the rising wedge pattern. Theoretically, the chart setup provides two trendlines as dynamic resistance and support to drive a sustained rally.
If history repeats, the BNB buyers could revive the bullish momentum at this support before a major reversal.
Within the premise of a wedge pattern, the post-reversal rally could chase a high of $850, suggesting a potential growth of 50%.
On the contrary, a breakdown below the pattern’s lower trendline will intensify the selling pressure for a prolonged downfall.
Also Read: Iowa Proposes Bitcoin Reserve Bill After New Mexico
Credit: Source link
