Binance Coin [BNB ] performance in the month of September was anything but remarkable. However, despite its position on the cryptocurrency charts, according to a new report, the exchange’s token still performs well on other fronts.
According to BNBburn , the number of tokens burned in the third quarter (Q3) surpassed the entire record of the second quarter. At press time, the BNB tokens burned in the third quarter were 2,040,503.56 BNB, up from 1,976,739.87 BNB in the second quarter.
Interestingly, all of these developments occurred despite the lower average trading price recorded in the third quarter. As expected, this resulted in a significant difference in the value of the BNB burned out. The second quarter cost was $626,356,129.623 and the third quarter cost was $562,592,435.15.
In dire need of a helping hand
Despite the rise in burned tokens, it would seem that BNB might need some help. Details from Defi Lama showed that the total value locked (TVL) on Binance Smart Chain (BSC) was worth less than on September 27th.
According to DeFi Llama, BNB at press time was $5.25 billion, down 1.87% from the day before.
Also, it wasn’t just the BNB price that went down. A look at its one-day run also revealed that it is far from impressive. Moreover, Santiment data showed that the September 20 spike to 358,000 narrowed to 125,000.
Luckily, traders seemed to be the most active in the NFT sector. BNB chain. On-chain data platforms also revealed that BNB had a volume of $1.52 million in NFT transactions at the time of this writing.
A quick look at the price trajectory can indicate…
A few days ago, it was noticed that the burning effect was not driving BNB towards the $300 mark. Also, around the same time, BNB was trading slightly above its price at press time. So, has the momentum changed since then?
The Awesome Oscillator (AO) showed that BNB momentum was currently bearish at -4.3. In addition, the AO also showed the presence of a bearish double peak, indicating that bullish momentum is unlikely in the short term.
A similar result was with the Relative Strength Index (RSI). Based on the 4-hour chart, the RSI has succumbed to the overbought pressure it experienced earlier.
With BNB failing to consistently hold support and resistance, Q4 price growth expectations could very well be at an all-time low. However, the assumption that profits will be smaller may seem too hasty, since Bitcoin [BTC] cannot be considered close to a recovery. And in most cases, BNB follows the same trend.