BNB Smart Chain's evolution has rendered the Beacon Chain, designed to serve as a staking, governance platform for Binance Coin, redundant...
The value of most cryptocurrencies rose on Wednesday, led by Bitcoin as it accelerated to an intraday peak of $68,267. Meanwhile,Here, it is worth noting that BNB is up 90% this year, almost twice Bitcoin’s 58% returns over the same period. BNB’s midweek gains have also brought into view the key resistance level around $600 where the token was rejected on three separate occasions since June – Most recently in the last week of September.
Notably, BNB faces no recently defined barrier between its current range and its yearly high of $721 dated 6 June. In fact, the next resistance zone, near $620, was established and retested before June’s year-high.While price action takes center stage for speculators, the larger Binance ecosystem is still in a transition window as BNB Beacon Chain’s stoppage approaches.
Here, it’s worth pointing out that the BNB Smart Chain explorer tool BSCScan revealed that on-chain activity on the BNB Smart Chain is healthy.Active daily addresses stabilized above 1 million in recent weeks after experiencing a drop between June and September – A sign of steady user engagement as the chain evolves.BNB climbed to $587 on 14 October, before printing another daily green candle on the back of another move above $595 on 15 October.
Meanwhile, the long-term 200-day EMA at $535 would represent key support for a minor pullback. This, on the back of a stronger demand zone above $471, near the lower boundary of BNB’s range-bound action.Sam is a blockchain research analyst and crypto data journalist with over four years of experience delivering technical content about alternative finance instruments.
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