As investors' concerns about the cryptocurrency market persisted, the price of the Binance Coin remained under significant pressure on Thursday. BNB hit a low of $262, which is the lowest price it has experienced since November 9 of this year. From its peak this year, it has fallen more than 27%.

Transactions by BSC retreat

In the last several days, there has been a lot of pressure on the price of BNB. The failure of FTX, the second-largest cryptocurrency exchange in the world, has had a significant negative impact on BNB, as it has on all digital currencies.

As a result, the cryptocurrency market is in a depressing mood as many investors sell their positions at a loss. Other investors have made the decision to avoid the sector.

According to on-chain data, the BNB Chain's transaction volume has dramatically decreased during the last several days. Compared to the 4.8 million transactions it handled on November 2, the network only had 3.52 million on that day. The network was managing more than 16 million transactions every day at its busiest in November 2021.

More information reveals that some of its DeFi network has seen investors withdraw their money. The total value locked (TVL), according to data gathered by DeFi Llama, decreased to $7.5 billion. The network of Binance Chain has a TVL of more over $30 billion at its height.

However, compared to other chains like Tron, Ethereum, and Avalanche, this performance has been substantially superior. Among others, Cream Finance, pStake Finance, Solv Protocol, and Baryon Network were some of the top-performing DeFi apps in the network.

Price prediction for Binance Coin

This year hasn't been kind to the price of Binance Coin. This year, it has had a more than 35% decline, outperforming the majority of coins like Bitcoin and Ethereum.

The price of BNB has recently been in a negative trend, as shown by the four-hour renko chart below. Renko's bars have decreased over the last many periods in a row. The price has also been able to go below the day moving averages. The Awesome Oscillator has deviated from its neutral position.

The coin has since developed an inverted head-and-shoulders motif. Because of the inverted H&S pattern, even though the overall trend is bearish, there is a chance that it will make a positive breakout. If this occurs, $345 will be the next important level to keep an eye on.