

Will BNB Face a Price Test by the End of September?



BNB appears to have entered a triangle formation with the intersection of the ascending and descending patterns set for Sept. 30. What will happen next?
BNB Due for a Breakout?
A writer on Coin Telegraph recently observed that it appears BNB entered a symmetrical triangle formation on Aug. 10, when it faced a descending trendline at a resistance of $335 -- and in the five weeks since, has struggled at around $280, “the exact intersection between the two conflicting ascending and descending patterns”.
After looking at factors such as price deposits, Total Value Locked (TVL) and dApp usage, the writer concludes that “the symmetrical triangle pattern crossing at $280 on Sept. 30 is likely a bullish trigger for BNB’s price.”

Currently, the BNB coin is the third-largest cryptocurrency on the basis of market capitalization, excluding stablecoins. In terms of the value of smart contracts on the chain itself, BNB Chain has around $6.6 billion in TVL.
As noted by Coin Telegraph, BNB has outperformed the general altcoin market by 15% over the past three months. Additionally, BNB’s TVL drop of 12.5% over the past three months is actually better than declines posted by competitors such as Solana (-27.5%) and Avalanche (36%).
Those numbers could suggest that BNB, while running ahead of the competition, could have more room for a steep downturn.
Put another way, our opinion is BNB’s relative success in terms of price action and TVL offers just as much future downside as upside for BNB in the short- and mid-term.
While we welcome the writer’s prediction of a possible BNB breakout at the end of the month, unfortunately our optimism is more guarded, especially given the uncertain (and still bearish) macro environment.
Of course, we’ll have our questions answered by how BNB actually performs after Sept. 30. We’ll return with a follow-up to see how accurate our predictions were (or weren’t)!
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Related News


Digital Asset Infrastructure Provider Taurus Partners with Polygon: Revolutionizing Decentralized Finance?

This partnership aims to enhance Taurus' capabilities by incorporating staking and decentralized finance (DeFi) support into its offerings.
Taurus Embrace Polygon Blockchain
Taurus, a leading provider of digital asset infrastructure backed by Credit Suisse and Deutsche Bank, has partnered with Polygon to provide staking and decentralized finance (DeFi) support to its capabilities.
Enabling banks and brands to issue and custody any tokenized asset using @0xpolygon@taurus_hq, the European digital asset infrastructure leader is now fully integrated and automated #onPolygon 😎
— Polygon (Labs) (@0xPolygonLabs) June 2, 2023
More: https://t.co/U2tT0azjkG pic.twitter.com/urFCzXN8eg
Taurus offers a range of services, including custody, tokenization, and trading of digital assets. Taurus recently secured $65 million in funding through a round led by Credit Suisse and Deutsche Bank in February, highlighting the growing interest from traditional financial institutions in blockchain technology and tokenization.
Tokenization, the process of representing an asset as tradable units in a digital format, is increasingly drawing the attention of mainstream financial institutions.
Taurus emphasized that most Tier 1 financial institutions are entering the tokenization space and seeking a blockchain-agnostic and token-agnostic infrastructure. Additionally, Bank of America published a report last April stating that the tokenized gold market had surpassed $1 billion the previous month.
Polygon aims to evolve into an "internet of blockchains," connecting various Ethereum-compatible networks while continuing to enhance transaction efficiency and speed.
As blockchain technology adoption accelerates, collaborations between established major institutions and Polygon continues. In addition to the recent collaboration Polygon has also partnered with Franklin Templeton, Google Cloud, and Deutsche Telekom in recent months.
Polygon ($MATIC) is trading at $0.9, up 0.4% in 24 hours, according to CoinMarketCap.
What is Polygon:
Polygon is a “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network’s native cryptocurrency, which is used for fees, staking, and more. The effectiveness of Polygon as an alternative to Ethereum has seen existing projects such as Aave and Curve adopting its chain.
For more about Polygon:
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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