Transactions on the Coin Security smart chain may soon become more affordable.As long-term traders hold their ground, BNB demand recovers
- Transactions on the Coin Security smart chain may soon become more affordable.
- As long-term traders hold their ground, BNB demand recovers.
Coin Security Intelligent Chain [BSC] is feeling the pressure of the second layer network heating up. However, as evidenced by its latest announcement, it strives to maintain competitiveness.
According to reports, the BNB chain has proposed a new proposal aimed at reducing the gasoline cost of its network. According to the official announcement, this proposal is mainly aimed at maintaining competitiveness.
This proposal is also a response to the Layer 2 network, which greatly reduces the cost of networks such as Ethereum [ETH]. Therefore, with the adoption of the new proposal, users will experience lower transaction costs.
For laymen, network efficiency and cost-effectiveness determine the attractiveness of the network.
What does it mean for BNB if the proposal is approved?
One of the important reasons for reducing costs is because they help smart chains attract more users. This may promote more BNB utility and potentially increase adoption levels.
BNB started the week bearish, with its price dropping to a seven day low of $305 on Monday. Since then, it has rebounded from its price tag of approximately 3% to $316. After retesting the RSI level at 50% and rebounding from the 50 day moving average, there was a slight increase.
From a broader price perspective, prices are traded in a wedge-shaped pattern, supported by support and resistance lines. After retesting the resistance line of $347, prices have been bearish for nearly two weeks.
Expanding the downward trend may lead to a pullback below $300 and may retest potential support around $280. However, there is also a possibility of a strong rebound from current levels. For example, despite recent declines, the average coin age indicator continues to rise. This is a sign that long-term holders hold it at the time of publication.
BNB's age consumption index surged significantly on March 28th. This is approximately the same time as the price shift, indicating a significant accumulation. At the same time, the number of active addresses has skyrocketed.
The above observations reflect the positive sentiment of investors from March 22nd to 29th. The weighted sentiment indicator showed an upward trend this week, thus reflecting the bullish price trend of the past two days.
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