BNB's price rebound could be heavily dependent on a rise in network activity for BNB Chain.
highlighted the tendency for BNB to fall into a range-bound movement, if price gets rejected at $225.This played out perfectly over the past week, as bears stood their ground at the resistance level to keep prices under the $225 level. Binance Coin’s price action continued to mirrorInconsistent trading volume continued to limit BNB’s price actionThe On Balance Volume indicator highlighted the wavering nature of BNB’s trading volume over the past months.
Similarly, the Relative Strength Index echoed the lack of demand for BNB. Despite a short spike above the neutral 50 on 30 August, the RSI quickly declined under the neutral 50 and remained there, as of press time. Bulls looking for upward movement would need to rely on Bitcoin breaking above $26k, as this could add some needed bullish activity to the market. Otherwise, bears would be content with this sideways price action while bidding their time to sink BNB to the $200 price level.BNB as a token is intricately linked to the BNB Chain, as it is the spending currency for on-chain activities.
Along with the dwindling trading volume, it could take a while before BNB is able to mount a sustained price reversal.
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