BNB price (Binance Coin) has been in the green lane for quite some time and on top of that, it also leads the crypto market scene in terms of market cap. More so, BNB has also registered a weekly gain of 6%.
Binance Coin registered a weekly gain of 6%
BNB development improved investor interest
BNB shows stunted social metrics
BNB is also tagged as one of the top five cryptocurrencies as far as search volume is concerned. While the coin was also to beat other cryptos, BNB has plummeted in price by 1.6% compared to its data on September 25, trading at roughly $275.42.
Evidently, BNB was able to make it to the cut of the top cryptocurrencies that made a bull run when paired with BTC. Binance Coin developments have stirred investor interest which also positively impacted the on-chain metrics of BNB.
BNB Price Up By Nearly 3%
According to CoinMarketCap, BNB price has soared by 2.98% or trading at $275 as of this writing. Total market capitalization is currently at $43.5 billion, data from TradingView show.
BNB’s volume looks stabilized which dampens any possibility of price drops. The MVRV ratio of BNB is said to have increased in comparison to last week’s figures which hints at the probability of an uptrend in the coming days.
On the other hand, some of BNB’s on-chain metrics hint at negative sentiment such as the decrease of unique active wallet addresses which hints at the reduced user activity on the Binance Coin Network.
In addition, BNB’s social volume also dropped which shows a significant decline in investor interest.
Binance Coin’s volatility level has also plunged which is derailing the coin from going further up. BNB’s daily chart is showing a bullish streak with various market indicators validating the potential of an uptrend.
BNB’s RSI, CMF Show Likelihood Of Uptrend
More so, Bollinger Bands show that the Binance Coin price is in an overbought zone thus increasing the potential of a breach. RSI and CMF for Binance Coin have shown the possibility of having an uptick in the coming days.
So far, the MACD stats show that after a rigorous tug of war, the bulls are coming through stronger than ever.
Many crypto experts and analysts are optimistic about the future of BNB. Joseph Raczynski, a technologist, believes in the propensity of BNB to soar.
The futurist is bullish on BNB mainly due to the fact that Binance is getting bigger each day. In general, the crypto market is remarkably optimistic about BNB so much so that the SEC feud cannot hurt its price traction.
BNB total market cap at $43.5 billion on the daily chart | Source: TradingView.com
Featured image from AAX Academy, Chart: TradingView.com