Binance Coin price prediction as renko forms Inverted H&S

The Binance Coin price remained under intense pressure on Thursday as investors remained worried about the crypto industry. BNB dropped to a low of $262, which was the lowest level since November 9 of this year. It has plunged by more than 27% from its highest point this year. 

BSC transactions retreat

The BNB price has come under intense pressure in the past few days. Like all digital currencies, BNB has been hit hard by the collapse of FTX, the second-biggest cryptocurrency exchange in the world. 

As a result, a somber mood has engulfed the crypto industry as many investors exit their trades at a loss. Other investors have decided to stay away from the industry.

On-chain data shows that the number of transactions in the BNB Chain has declined sharply in the past few days. The network had just 3.52 million transactions on Wednesday, much lower than the 4.8 million that it handled on November 2. At its peak in November 2021, the network was handling over 16 million transactions on a daily basis.

Additional data shows that investors have pulled their funds from some of its DeFi network. Data compiled by DeFi Llama shows that the total value locked (TVL) dropped to $7.5 billion. At its peak, Binance Chain’s network had a TVL of more than $30 billion. 

Still, this performance has been much better than other chains like Tron, Ethereum, and Avalanche. Some of the top-performing DeFi apps in the network were Cream Finance, pStake Finance, Solv Protocol, and Baryon Network among others

Binance Coin price forecast

                                                        BNB/USD chart by TradingView

The Binance Coin price has had a tough performance this year. It has crashed by more than 35% this year, meaning that it has outperformed most coins like Bitcoin and Ethereum. 

The four-hour renko chart below shows that the BNB price has been in a bearish trend in the past few days. Renko’s bars have dropped in the past consecutive periods. At the same time, the price has managed to move below the day moving averages. The Awesome Oscillator has moved below the neutral level.

Meanwhile, the coin has formed an inverted head and shoulders pattern. Therefore, while the overall trend is bearish, there is a likelihood that it will make a bullish breakout because of the inverted H&S pattern. If this happens, the next key level to watch will be at $345.

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