Why Binance Coin (BNB) Might Disappoint Investors in Q4

Binance Coin (BNB) has displayed disappointing antics since early September, worrying market players. Nevertheless, a report showed the exchange crypto attained some lucrative performance in some crucial areas.

BNBburn revealed that the coins burned in Q3 exceeded the Q2 record. While publishing this post, Binance Coins burned in the 3rd quarter were 2,040,503.56 $BNB, compared to Q2’s 1,976,739.87 $BNB. Surprisingly, these developments emerged regardless of low trading prices during the former.

As anticipated, that welcomed a substantial difference in burned BNB worth. The 2nd quarter had the number totaling $626,356,129.623, while the third quarter’s worth hovered at around $562,92,435.16.

Helping Hand Highly Needed

BNB appears in need of help despite the surge in burned tokens. DeFiLlama details indicated that the BSC’s (Binance Smart Chain) TVL (total value locked) declined since September 27. Meanwhile, the data showed BNB’s TVL stood at $5.25 billion during this publication, indicating a 1.87% drop from the past day.

Furthermore, BNB price wasn’t the only index that noted a dip. Assessing the crypto’s 1-day circulation showed nothing impressive about the alt. Moreover, data from Santiment indicated that the September 20 uptick to 358,000 plunged to 125,000.

Fortunately, market players appear active in the BNB chain’s NFT sector. The on-chain analytic sites indicated the BNB non-fungible token trades stood at $1.52 million during this publication.

What About Charts?

The burning effect appeared not enough to push BNB towards the $300 mark days ago. The alternative token explored this area by then. Meanwhile, has the bias changed after that? The AO (Awesome Oscillator) indicated that Binance Coin’s momentum was bearish, with a -4.3 value.

Also, the Awesome Oscillator confirmed a bearish twin high, suggesting an unlikely bullish momentum in the near term. The RSI (Relative Strength Index) revealed a similar case. The 4-hour chart placed the RSI in a previous overbought pressure.

Meanwhile, anticipations of a price surge in Q4 remain highly low as BNB fails to hold on to resistance and support. Still, presuming profits would be far less might be hast as BTC might see a recovery. Mostly BNB follows Bitcoin’s trend.

Leave a Reply

Your email address will not be published. Required fields are marked *