• BNB Chain hits 3.62 million daily active addresses, setting a new all-time high.
• Binance Coin (BNB) faces a short-term pullback after topping $1,236.
• Immediate support lies at EMA 20 around $914, with stronger support near $762–$857.

BNB Chain recently reached a major milestone, recording 3.62 million daily active addresses, marking the highest level in its history. User spike correlated with the all-time high price of Binance Coin (BNB) at $1,311, illustrating a clear correlation between adoption of the network and market performance.

Crypto analyst Crypto Patel highlighted that such a rise presents real demand being fueled by real users and not speculative behaviors.

The spot price of BNB stands at around $1,150.90, with a close to 12% depreciation over the week. This was due to the swift upsurge that propelled the coin past the $1,236 barrier level, which triggered profit-taking on the part of market traders.

A big red weekly candle with a long upper wick signifies good selling pressure reaching new highs this week.

Also Read: BNB Rockets to $1350: Can It Hit New ATH By This Year – End?

Technical Signals Point to Short-Term Cooling

There is a technical indication that BNB is experiencing a natural correction. Bollinger Bands have widened, which indicates increased volatility, and the latest price development reveals rejection on the upper band at $1,236.

Since then, the coin retreated into the bands, which is an indication that the market corrects from overbought levels.

The middle band, which coincided with the 20-period simple moving average (SMA), is at approximately $857.60 and could act as a target should the correction extend.

Exponential Moving Averages (EMAs) suggest that BNB stays in a long-term bull trend. Support could come in the short term from the EMA 20 at $914.46 and in the medium term from the EMA 50 at $762.

It’s important to pay close attention to these levels since a persistent breakdown below EMA 20 might cause the price to slide all the way to the support region of $857–$762.

BNB Momentum Slows After Recent Rally

Momentum indicators signal a preliminary loss of momentum in bull strength. The Relative Strength Index (RSI) has eased off from close to overbought at 66.98, signaling the upward momentum easing up.

MACD is still bearish, with the MACD line still below the signal line, but the flat histogram signals diminishing momentum.  Traders should monitor for potential bearish-shaped crossover signs during subsequent sessions.

Nevertheless, BNB remains in a bull pattern but requires a short-term consolidation following its latest upsurge. Short-term support around $914 and more substantial support around $857–$762 may tighten prices up.

On the positive side, recouping and closing in above $1,236 will be important in resuming the upward charge. In the meantime, the all-time high daily active addresses illustrate a healthy and participatory base of users, which supports the long-term viability of the BNB Network.

Also Read: Binance Coin Price Projection: Will BNB Hit $1,500 After Coinbase Listing?