Skip to content
Active Currencies: 17,374
Market Cap: $2.293T
Bitcoin Dominance: 55.57%
24h Market Cap Change: $-4.51

BNB investors should consider these metrics before cutting losses
Written by Written by Saman Waris
Reviewed by Reviewed by Saman Waris
Updated October 26, 2022
BNB investors should consider these metrics before cutting losses

BNB’s popularity in the crypto industry was yet again proven recently after the altcoin made it to the list of ‘Most Visited Coins’ by Cryptorank.io. 

Here’s AMBCrypto’s Price Prediction for BNB for 2023-24

Not only this, but several developments also happened in the BNB ecosystem that added much value to the network.

For example, the partnership of BNBChain with SCDEVSTR. It would help BNB work closely with an instrumental community in the region as they continue to build Web3 together. 

However, these developments did not help BNB climb up the price ladder, as its chart was mostly painted red.

According to CoinMarketCap’s data, at press time, BNB’s value was down by 1.25% during the last week and was trading at $274.02 with a market capitalization of $43.83 billion. 

Which way will BNB go?

BNB’s on-chain metrics painted an ambiguous picture, as some of them suggested a price increase while others favored the sellers.

For instance, BNB’s MVRV Ratio went up but then registered a downtick on 24 October. It can be taken as a bearish signal that hints at an anticipated price decline. Not only this, but BNB’s positive sentiment metric, after increasing last week, registered a fall. 

Source: Santiment

However, BNB’s daily active addresses were steady during the last week. Thus, suggesting that a constant number of users were active in the network, which is a positive signal.

Source: Santiment

Investors should be cautious

Despite several on-chain metrics supporting BNB, a look at BNB’s daily chart revealed that investors should be careful. The Exponential Moving Average (EMA) Ribbon indicated a bearish advantage in the market as the 55-day EMA was resting above the 20-day EMA.

The Relative Strength Index (RSI) was also idle near the neutral position. Moreover, BNB’s Chaikin Money Flow (CMF) registered a downtick and was headed toward the neutral mark. This was yet another bearish sign.

Interestingly, the Bollinger Bands revealed that BNB’s price was about to enter a squeezed zone, further decreasing the chances of an uptick in the coming days.

Source: TradingView
Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Saman Waris

Editor

Saman Waris works as a Senior News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins.

Related Articles

AMBCrypto
Facebook X Instagram Youtube Linkedin

AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers. We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.