Home CryptocurrencyBitcoin BNB’s northbound movement could witness some roadblocks. Assessing…

BNB’s northbound movement could witness some roadblocks. Assessing…

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  • BNB’s weekly transaction exceeded 20 million 
  • However, the MVRV Ratio and market indicators revealed the possibility of a downtrend

Binance Coin’s [BNB] performance of last week did not make investors happy as it registered losses on the chart. However, its metrics soared, as there were several interesting developments in the ecosystem.

BNB Chain’s latest tweet revealed that its weekly transactions exceeded $20 million. Furthermore, the average daily transaction reached 3.41 million.

Read Binance Coin’s [BNB] Price Prediction 2023-2024

As per data from CoinMarketCap, BNB’s price dropped by nearly 7% over the last week. At press time, it was valued at $291.77 with a market capitalization of $46.6 billion.

However, despite the price decline, Santiment’s data revealed that BNB’s daily active addresses registered a spike. This indicated a higher number of users in the network.

Source: Santiment

Considering the nature of the aforementioned updates, BNB could give investors a reason to rejoice.

Can things get better around BNB?

BNB’s Market Value to Realized Value (MVRV) ratio registered a massive downtick over the last week. This indicated a further decline in its price. However, the coin’s development activity rose, which was a positive signal. BNB also remained popular in the crypto community, as its social volume displayed a few spikes over the last seven days.

Source: Santiment

Interestingly, BNB’s NFT space also witnessed growth. According to Santiment, its NFT trade count and total NFT trade volume in USD were substantially up. 

Source: Santiment

An expected outcome?

BNB’s daily chart further revealed the possibility of further sideward movement. The Bollinger Bands (BB) suggested that Binance Coin’s price entered a squeezed zone. This could decrease the chances of a sudden northbound movement. The Relative Strength Index (RSI) was also resting right at the neutral mark, further decreasing the chances of a price surge.

Nonetheless, BNB’S Chaikin Money Flow (CMF) registered a slight uptick, raising investor’s hopes for better days to come.

Source: TradingView

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