BNB’s price and its metrics have an interesting tale for traders
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
BNB has been one of the best rising cryptos in terms of market cap this week. Alt posted a 5% weekly gain.
Well, the growth also created excitement in the crypto community, as BNB was among the top five cryptos in terms of number of searches, according to LunarCrush.
As we enter the last week of September 2022, these are the top five searches right now🔍 at https://t.co/S43WsoNoxP
— LunarCrush (@LunarCrush) 25 September 2022
Despite outperforming others, at the time of writing, BNB was down 1.2% from yesterday (September 25) to trade at $273.53 for a market capitalization of $44,243,914,876.
Interestingly, BNB also entered the list of best cryptos with the uptrend of the BTC pair. Let’s take a look at the metrics to see what might be in store for BNB holders.
[Scan results – #KuCoin – 1d]
— DYOR.net (@DYORCryptoBot) September 26, 2022
These developments look promising, and several of BNB’s on-chain metrics are also registering interesting movements.
For example, BNB’s MVRV ratio increased compared to last week. This is a good sign as it increases the possibility of further upside.
In addition, the volume of BNB remained stable, which reduced the possibility of sudden price drops.
Nevertheless, not all metrics were on BNB’s side. Daily active addresses have been steadily decreasing over the past month, which is not a positive signal as it suggests that fewer users are actively trading in the ecosystem.
Also, despite BNB being listed in LunarCrush’s top 5 cryptos, BNB’s social volume also decreased. Thus suggesting that investors are less interested in the token.
More than that, Messarin map revealed a drop in BNB volatility, which may limit the coin’s upside in the short term.
I’m looking forward to
Contrary to several negative indicators, BNB’s daily chart painted a bullish picture as several market indicators supported the possibility of a move to the north.
The Relative Strength Index (RSI) and Chaik’s Money Flow (CMF) are registering gains, suggesting a possible upside in the coming days.
MACD findings revealed that after a long battle between bulls and bears, the former seemed to gain the upper hand as a bullish crossover was registered.
Additionally, the Bollinger Bands indicated that the BNB price was in a bullish zone, further increasing the possibility of a breakout.