Connect with us
Active Currencies 14574
Market Cap $2,657,361,765,305.40
Bitcoin Share 50.18%
24h Market Cap Change $-1.25

BNB long-term holders can expect this in the weeks to come

3min Read

Share this article

Positive developments around the BNB Chain helped BNB coin climb the ladder during the last month. However, things seemed to have changed as BNB’s performance in the last few days did not look promising.

The altcoin registered over a 5% seven-day decline in its price and at press time, it was trading at $270.12.

Nonetheless, BNB still left no stone unturned to add more value to the network. The most recent value addition is the arrival of Pyth Network on the BNB chain.

This new development may help in providing high-quality real-time market data for crypto feeds available via Pyth network.

The Pyth development could be taken in a  positive light as it expands the capabilities and offerings of the BNB chain. But, will this be enough to fuel BNB’s next uptrend? A look into BNB’s on-chain metrics provided a clearer picture of what to expect from BNB in the days to come. 


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


BNB investors, brace for impact

Santiment’s data revealed that things were worse than what they seemed, as several of BNB’s on-chain metrics suggested an upcoming downtrend. For instance, BNB’s 30-day Market Value to Realized Value (MVRV) Ratio went down over the last week, which was a bearish signal.

Additionally, BNB’s volume also registered a downtrend in the last few days, which was yet another red signal for the coin. Its daily active addresses also followed the same route and declined. Thus, indicating a lower number of users active on the network. 

Source: Santiment

Well, the alt’s NFT space also failed to register any positive movement as the total number of NFT trade counts decreased over the last week.

However, Santiment’s chart revealed that BNB’s development activity registered an uptick, which was, by and large, a positive signal for the blockchain.

Moreover, despite the price plummeting, BNB’s social dominance remained unaffected and witnessed a spike. 

Source: Santiment

Bulls vs Bears: Who will win?

The daily chart pointed out an ongoing battle between the bears and the bulls, which could lead the market in any direction in the coming days.

For instance, the Exponential Moving Average (EMA) Ribbon indicated a tussle for more than a month as the 20-day EMA and the 55-day EMA were in a brawl to flip each other.

Interestingly, BNB’s Money Flow Index (MFI) registered a downtick and stood at a neutral position, at press time. The Relative Strength Index (RSI) slipped past the neutral market touching the 40 level.

However, BNB’s Chaikin Money Flow (CMF) went up, giving a slight hope for better days to come. The Bollinger Bands (BB) revealed that BNB’s price was in a crunched zone, hinting that it could enter a high volatility zone soon.

Source: TradingView

Share

Saman Waris works as a 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. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.