- BNB Coin price has moved sideways in the past few days.
- The coin has formed a cup and handle pattern on the 4H chart.
- BNB has unveiled new features in its testnet.
BNB Coin price moved sideways on Thursday as cryptocurrencies pulled back. The Binance coin retreated to a low of $330, which was a few points below the year-to-date high of $352. It remains ~25% above the lowest level in March this year.
Cryptocurrency prices retreat
The BNB coin price wavered in the past few days mostly because of the overall performance of cryptocurrencies. Bitcoin price has dropped from the year-to-date high of $31,000 to about $29,000.
The total market cap of all cryptocurrencies has dropped to about $1.1 trillion from the year-to-date high of $1.3 trillion. In most periods, BNB price has a correlation with other cryptocurrencies like BTC and ETH.
BNB has struggled with the total value locked (TVL) moving to $7.28 billion. This TVL is below the all-time high of over $40 billion. This makes it the third-biggest blockchain in the world after Ethereum and Tron.
Read more: How to buy Binance Coin.
The biggest DeFi platforms in BNB Chain are PancakeSwap, Venus, and Alpaca Finance. The most important news in the ecosystem was that PancakeSwap mulls slashing staking rewards.
As a result, CAKE price has plunged by more than 25%. The community is voting to cut CAKE’s interest rate to about 3% to 5%. This is a notable move since most CAKE holders do so because of its staking features.
The other important BNB Chain news is that the developers introduced new features in its ecosystem. The new features include reducing gas fees on the mainnet, fast finality mechanism, and L2 Foundation. This finality hopes to achieve block within 2 seconds and reducing chain reorganization features, as shown below.
BNB Coin price prediction
The 4H chart shows that the BNB price has moved sideways in the past few days. In this period, the coin is forming a cup and handle pattern, which is usually a bullish sign. The current part is the formation of the handle section. It is trading at the 25-period and 50-period moving averages.
Therefore, there is a likelihood that the coin will bounce back in the coming days as buyers target the next key resistance point to watch will be at $400. A drop below this week’s low of $315 will invalidate the bullish view.
