{"id":493912,"date":"2022-09-17T23:30:00","date_gmt":"2022-09-17T20:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/heres-why-binance-chain-bnb-will-face-an-important-price-test-on-september-30\/"},"modified":"2022-09-17T23:30:00","modified_gmt":"2022-09-17T20:30:00","slug":"heres-why-binance-chain-bnb-will-face-an-important-price-test-on-september-30","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/heres-why-binance-chain-bnb-will-face-an-important-price-test-on-september-30\/","title":{"rendered":"# Here\u2019s why Binance Chain (BNB) will face an important price test on September 30"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b730433ef3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b730433ef3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-why-binance-chain-bnb-will-face-an-important-price-test-on-september-30\/#%E2%80%9D_Heres_why_Binance_Chain_BNB_will_face_an_important_price_test_on_September_30_%E2%80%9C\" >&#8221; Here\u2019s why Binance Chain (BNB) will face an important price test on September 30 &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-why-binance-chain-bnb-will-face-an-important-price-test-on-september-30\/#A_decline_in_price_deposits_could_be_a_red_flag\" >A decline in price deposits could be a red flag<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-why-binance-chain-bnb-will-face-an-important-price-test-on-september-30\/#DApp_use_is_on_the_rise_led_by_Gameta\" >DApp use is on the rise, led by Gameta<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Heres_why_Binance_Chain_BNB_will_face_an_important_price_test_on_September_30_%E2%80%9C\"><\/span>&#8221; Here\u2019s why Binance Chain (BNB) will face an important price test on September 30 &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ebd806f>BNB, the native token of Binance\u2019s BNB Chain, entered a symmetrical triangle formation on Aug. 10, when it first faced the descending trendline at the $335 resistance. The following five weeks have been a struggle around $280, the exact intersection between the two conflicting ascending and descending patterns.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/01f8c434-3c39-4350-87e2-3bcacf25972a.png\"><figcaption style=\"text-align: center;\"><em>BNB token\/USD at FTX. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>A decision on whether the symmetrical triangle will break to the upside or downside is expected by Sept. 30, when the trendlines cross. Currently holding a $45 billion total market capitalization, BNB Chain token has outperformed the broader altcoin market by 15% over the past three months.<\/p>\n<p>The latest breakthrough in BNB Chain development was announced on Sept. 7, after the project introduced <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bnbchain.org\/en\/blog\/bnb-chain-makes-significant-scaling-breakthrough-introducing-zkbnb\/\">zero-knowledge (ZK) proof<\/a> scaling privacy <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>. The testnet is expected for November, aiming for faster finality and reduced transaction fees. Ethereum mastermind Vitalik Buterin also wants to implement a similar solution for the Ethereum network and he highlighted the importance of ZK in late 2021.<\/p>\n<p>BNB Chain&#8217;s Ethereum-compatible network is fully functional, hosting decentralized <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications (DApps), including decentralized exchanges (DEXs), <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s, collateralized loan services, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> networks, yield aggregators and NFT marketplaces.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_decline_in_price_deposits_could_be_a_red_flag\"><\/span>A decline in price deposits could be a red flag<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite currently being 60% below its -time high, BNB remains the third largest cryptocurrency by market capitalization ranking, excluding stablecoins. Moreover, the network holds $6.6 billion worth of deposits locked on smart contracts, a term known as total value locked, in the industry.<\/p>\n<p>Despite BNB price rallying 26.5% in the past 3 months, the network&#8217;s TVL measured in BNB tokens dropped by 12.5% in the same period. Usually, this data would be concerning, but it depends on how other competitors have fared.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/7d3fad49-0673-4729-b6a6-fd7d489210f9.png\"><figcaption style=\"text-align: center;\"><em>BNB Chain Total Value Locked, BNB. Source: DefiLlama<\/em><\/figcaption><\/figure>\n<p>In fact, lower smart contract deposits have been the norm across the industry. For example, Solana\u2019s (SOL) TVL declined by 27.5% in 3 months, and Avalanche (AVAX) decreased by 36%. Even Ethereum saw a 29% cut in ETH deposits, down to 24.2 million from 34 million on July 17.<\/p>\n<p>In dollar terms, BNB Chain&#8217;s current TVL of $6.6 billion gained 12% in the three months leading to Sept. 16. This figure is vastly superior to other Ethereum competitors, such Avalanche&#8217;s $2.2 billion or Solana&#8217;s $1.3 billion, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/defillama.com\/chain\/Ethereum\">according<\/a> to data from DeFi Llama.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"DApp_use_is_on_the_rise_led_by_Gameta\"><\/span>DApp use is on the rise, led by Gameta<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To confirm whether BNB Chain&#8217;s TVL decline is accompanied by a reduction in users, investors should analyze decentralized application (DApp) usage metrics. Some DApps, such as games and collectibles, do not require large deposits, so the TVL metric is irrelevant in those cases.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/2cb983b5-9760-410f-915c-fb98aa3724c3.png\"><figcaption style=\"text-align: center;\"><em>Top BNB Chain DApps by active addresses in 30-days. Source: DappRadar<\/em><\/figcaption><\/figure>\n<p>PancakeSwap, BNB Chain\u2019s decentralized exchange, has 1.75 million active addresses, and is the absolute leader across all smart contract networks. Meanwhile, the Ethereum network only holds three DApps with more than 35,000 active addresses, namely Uniswap, OpeanSea and MetaMask Swap.<\/p>\n<p>More importantly, three DApps using BNB Chain grew by 190% or higher, with Gameta being the most promising, with over 900,000 active addresses. BNB Chain critics will have a hard time if another application besides PancakeSwap consolidates its leadership across all smart contract networks.<\/p>\n<p>Judging by the absolute numbers, meaning the 12.5% TVL decline in BNB tokens and the 14% reduction in active addresses on Binance Chain\u2019s leading DApp, one could incorrectly conclude that BNB token is primed for a correction. <\/p>\n<p>However, a more granular analysis, including a comparison with competitors, shows that the symmetrical triangle pattern crossing at $280 on Sept. 30 is likely a bullish trigger for BNB&#8217;s price.<\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/noshitcoins\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/here-s-why-binance-chain-bnb-will-face-an-important-price-test-on-september-30\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Here\u2019s why Binance Chain (BNB) will face an important price test on September 30 &#8220; BNB, the native token of Binance\u2019s BNB Chain, entered a symmetrical triangle formation on Aug. 10, when it first faced the descending trendline at the $335 resistance. The following five weeks have been a struggle around $280, the exact&#8230;<\/p>\n","protected":false},"author":1,"featured_media":493913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvYTcwMjg1ZGUtY2Y3YS00M2FjLTkzY2MtNzViMjhhNzlhMjU1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[15047,74867,120396,75166,74863,74860,78168,124292,92498,73785],"class_list":["post-493912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-privacy","tag-altcoin","tag-avalanche","tag-binance-coin","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-dapps","tag-pancakeswap","tag-solana","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/493912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=493912"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/493912\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/493913"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=493912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=493912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=493912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}