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

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BNB yet again outperforms Ethereum, but will it do any good? 
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  • 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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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.
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