BNB Holders Should Brace For This Trend Reversal – Happy Days Over?
October 08 2022 - 1:45AM
NEWSBTC
BNB, a native token of the Binance cryptocurrency exchange, made it
through the bearish month of September with minimal losses. BNB
currently trades at $285.40 and is up by 3.4% for the past two
weeks The altcoin’s MVRV declines, indicating possible price drop
Social volume of BNB dips as interest may be fading With its $45.8
billion market capitalization, it is the 5th largest digital
currency behind Bitcoin, Ethereum and Tether. At press time,
according to Coingecko, the coin first introduced via ICO in 2017
is trading at $281.40, increasing its price by 3.4% during the last
14 days. The beginning of October is also looking bright for BNB,
as its network has witnessed a number of positive developments that
could prove beneficial in its attempt to surge even higher in the
coming days. But experts are now giving words of caution for the
asset’s holders as metrics and other indicators might be hinting at
a possible trading price drop for the Binance Coin. BNB Metrics To
Pay Attention To Amid BNB’s fine run, those who own the digital
asset should keep a vigilant eye to some of its significant
metrics. For one, the MVRV of the Binance Coin went down last week
which meant a bearish signal for the cryptocurrency. The MVRV is
the ratio of an asset’s market capitalization versus its realized
capitalization. Related Reading: Shiba Inu: How This Newly Found
Support Will Boost SHIB Price This Week Source: Santiment Moreover,
for the past seven days, BNB trading volume also experienced a
decline. As of this writing, the coin’s 24-hour volume stood at
$924.5 million. BNB holders should also pay attention to its
Relative Strength Index as it put the digital asset in an oversold
position. This could trigger price movement on a downward direction
in the days to come. It is also possible that the crypto
community’s interest for BNB is fading, as its social volume also
fell. 🎉 #BNBCHAIN Key Metrics Last 7 Days Even in market
volatility, #BNB Chain is moving forward daily💪 • $BNB Burned: 1495
(~ $443K) • Unique Address Growth: 1.73M New Addresses • Total
Value Locked: $4.45B • Weekly Active Users: 3.1M#BNB #BSC #WEB3 🔥
pic.twitter.com/CLNvV4jnO2 — BSCDaily (@bsc_daily) October 6, 2022
BNB’s Antidote For Metrics Negativity While metrics are indicating
that the good days might be over for BNB holders, the token still
has positive things to lean on to. For the past seven days, a total
of 1.73 million new addresses were registered on the altcoin’s
network. During the same period, the BNB Chain also tallied 3.1
million unique active users, putting the daily average to 778,000.
BNB also accounted for 20.7 million transaction counts as its total
locked value (TVL) rose to $5.45 billion. Finally, there were 1495
BNB tokens burned which meant its circulating supply went down a
bit in terms of number. Currently, BNB coins in circulation are
163, 276,974. The asset’s max supply is 165,116,760. Related
Reading: Hedera: Investors Should Check Out These Data Before
Buying HBAR Crypto total market cap at $907 billion |
Featured image from Finbold, Source: TradingView.com
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