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BNB surpasses ETH on this front, but can Binance Coin investors truly rejoice



BNB yet again outperforms Ethereum, but will it do any good? 
Source: StockAI

  • BNB outperformed Ethereum in terms of TVL
  • BNB’s latest partnership in the GameFi space could give BNB a much-needed push

Binance Coin [BNB] outperformed Ethereum [ETH] yet again in terms of its total value locked (TVL). According to BNB’s official tweet, its TVL increased slightly this quarter at 8.22%, compared to Ethereum’s increase of 0.45%.

While BNB’s TVL took a northward route, the coin’s price action was not up to the mark as it registered negative 5% seven day gains. According to CoinMarketCap, at press time, BNB was trading at $281.38 with a market capitalization of more than $45 billion.

However, the scenario might soon change in favor of BNB, as CryptoQuant’s data revealed a major bullish signal. 

Read Binance Coin’s [BNB] price prediction 2023-2024

Assessing the state of BNB

As per data from CryptoQuant, BNB’s stochastic was in an oversold position, suggesting the possibility of a trend reversal. Furthermore, BNB’s partnership with LitLab Games could push the BNB token on the price front.

Data from on-chain intelligence platform Santiment also favored BNB, and inclined towards investors’ interests. BNB’s Market Value to Realized Value (MVRV) Ratio was considerably lower, possibly indicating a market bottom.

BNB also remained popular in the crypto space as its social volume spiked last week. Nonetheless, BNB’s velocity chose to move southward, which might be concerning.

Source: Santiment

Does BNB run with the bulls?

BNB’s daily chart revealed that the bulls and the bears were fighting to beat each other. For instance, the 20-day Exponential Moving Average (EMA) and the 55-day EMA were closely knit, displaying an on-going tussle.

The same was the case with the Moving Average Convergence Divergence (MACD). The indicator was similar to that of the EMA Ribbon. BNB’s Chaikin Money Flow (CMF) registered a slight decline, which was a bearish signal.

However, the Money Flow Index (MFI) saw a rebound and was headed upward. This suggested a possible trend reversal in the days to follow.

Source: TradingView

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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