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Binance Coin’s [BNB] antics, since the start of September, may have left investors in disappointment. However, a report revealed that the exchange cryptocurrency managed to put up some good performance in some other areas.
According to BNBburn, the number of tokens burned in the third quarter (Q3) surpassed the entire record of the second quarter. At press time, BNB tokens burned in Q3 was 2,040,503.56 BNB, compared to 1,976,739.87 BNB in Q2.
Interestingly, all these happened despite a lower average trading price registered by the former. As expected, this led to a significant difference in the worth of the BNB burned. The second quarter value amounted to $626,356,129.623 while Q3’s worth was $562,592,435.15.
In dire need of a helping hand
Despite the increase in burned tokens, it may seem that BNB could need some help. Details from DeFi Llama showed that the Total Value Locked (TVL) on the Binance Smart Chain (BSC) was worth less than it was on 27 September.
According to DeFi Llama, BNB’s TVL was $5.25 billion at press time, representing a 1.87% decline from the previous day.
Source: DeFi Llama
Additionally, it was not only the BNB price that experienced a decline. A look at its one-day circulation also showed that it was nowhere near impressive. Furthermore, Santiment data showed that the uptick on 20 September to 358,000 had reduced to 125,000.
Fortunately, it seemed that traders were most active in the NFT sector of the BNB chain. The on-chain data platforms showed that BNB NFT trades were $1.52 million at the time of this writing.
Source: Santiment
How about the charts?
Some days ago, it was observed that the burning effect could not lead BNB to $300. As of then, BNB was trading a little above the current price. So, has the momentum changed since then?
The Awesome Oscillator (AO) showed that BNB’s momentum was currently bearish with its value at -4.3. Also, the AO status also showed that there was a bearish twin peak, indicating that a bullish momentum was unlikely in the short term.
Source: TradingView
It was a similar result with the Relative Strength Index (RSI). Based on the four-hour chart, the RSI had succumbed to the overbought pressure it earlier experienced.
With BNB failing to hold on support and resistance repeatedly, the expectations of a price rise in the fourth quarter may well be at an extremely low point. Still, assuming that there would be less profits could sound too hasty as Bitcoin [BTC] cannot be written off in recovering. In most cases, BNB follows the same trend.
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