BNB is the token associated with the Binance chain and is at the forefront of the Binance ecosystem. It is the primary form of transaction payments (for both transaction fees on the BNB chain and to pay for DeFi activity), and it is also used as the basis for executing smart contracts within the BNB chain.
It plays a significant role in facilitating transactions by providing users with discounts on trading fees, allowing them to stake their coins, and enabling developers to build and run DeFi applications. At press time, the coin is trading at $622.36 with a decrease of 1.41% over the past 24 hours.
Chart Signals Weak but Improving Momentum
The TradingView chart shows that Binance coin has broken through the support level of $690 and is currently trading at approximately $621. It remains below both the 50-day and 200-day moving averages, pointing to the fact that the broader trend continues to be bearish.
However, the relative strength index (RSI) has moved higher from a level of approximately 30 (near oversold) and is now approaching 40; thus, selling pressure is declining. If bulls can take back $690, momentum could increase to the range of $720-$750 in March.
However, if support cannot be maintained at $600, it would expose it to further downside risk toward $580.
Also Read: Binance Coin Price Could Surge to $650 If Trend Gains Strength
Social Sentiment Points to Cautious Optimism
A recent post on X by the BNB chain indicates that the network has an average daily active user count of 4.1 million, and the total value locked in the network is $7.8 billion.
The trading volume on the BNB chain is $26.6 billion. These metrics indicate that the BNB ecosystem is stable, and if bullish market sentiment occurs in March, it will help stabilize prices in the future.
In summary, Binance coin will enter March with a very critical level of support/resistance. If it moves above $700, it would signify bullish momentum for the Binance coin ecosystem. However, if it continues to show weakness below $600, it will delay the start of any sustained rebound.
Also Read: Binance Coin (BNB) Weakens Near $622 as Breakout Pattern Eyes $5,000