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BNB Price Prediction: Triangle pattern forming ahead of FOMC decision

 


BNB price has been range-bound for the past few months as concerns about the network ecosystem remain. It is trading at $378, where it has stayed for the past few days. The price has plunged over 45% from its peak in December last year.

BNB is the native token for the BNB chain, formerly known as Binance Smart Chain (BSc). It is a platform that helps developers build all kinds of decentralized applications (dApps) like those in the DeFi and NFT industries.


There are two main reasons why the BNB price has plummeted over the past few months. First, there are concerns about the ecosystem of the network. In recent months, BNB's ecosystem doesn't seem to be as vibrant as it used to be.


For example, the total value locked in its DeFi ecosystem has dropped to around $11 billion from a peak of over $30 billion a few months ago.


The likely reason for this is that it was influenced by other chains that are significantly faster and have better features. While BNB can process less than 45 transactions per second, others like Elrond, Near and Avalanche can process thousands in the same amount of time.


Another possible reason is that the BNB Chain is notorious for its security flaws. In recent years we have seen several projects on the network lose millions of USD.


Second, like all other cryptocurrencies, BNB price has fallen sharply due to ongoing fears of a restrictive Federal Reserve. The bank will finalize its monetary policy decision on Wednesday this week.


Analysts expect the bank to make its first rate hike since 2018 to fight inflation. Historically, risky assets like BNB and Bitcoin tend to underperform in a high-yield environment.



The daily chart shows that the BNB price has been moving sideways for the past few weeks. As a result, the coin is trading at the same point as the 25-day and 50-day exponential moving averages. It has also formed a triangle pattern, shown in black.


A closer look at this triangle shows that it is approaching its confluence zone. BNB price also formed a strong support at USD 337. Therefore, this could be a sign that a breakout is imminent. Therefore, there are chances that it will turn higher again this week.

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