BNB, a native token of the Binance cryptocurrency exchange, made it through the bearish month of September with minimal losses.
BNB currently trades at $285.40 and is up by 3.4% for the past two weeks
The altcoin’s MVRV declines, indicating possible price drop
Social volume of BNB dips as interest may be fading
With its $45.8 billion market capitalization, it is the 5th largest digital currency behind Bitcoin, Ethereum and Tether.
At press time, according to Coingecko, the coin first introduced via ICO in 2017 is trading at $281.40, increasing its price by 3.4% during the last 14 days.
The beginning of October is also looking bright for BNB, as its network has witnessed a number of positive developments that could prove beneficial in its attempt to surge even higher in the coming days.
But experts are now giving words of caution for the asset’s holders as metrics and other indicators might be hinting at a possible trading price drop for the Binance Coin.
BNB Metrics To Pay Attention To
Amid BNB’s fine run, those who own the digital asset should keep a vigilant eye to some of its significant metrics.
For one, the MVRV of the Binance Coin went down last week which meant a bearish signal for the cryptocurrency.
The MVRV is the ratio of an asset’s market capitalization versus its realized capitalization.
Moreover, for the past seven days, BNB trading volume also experienced a decline. As of this writing, the coin’s 24-hour volume stood at $924.5 million.
BNB holders should also pay attention to its Relative Strength Index as it put the digital asset in an oversold position.
This could trigger price movement on a downward direction in the days to come.
It is also possible that the crypto community’s interest for BNB is fading, as its social volume also fell.
#BNBCHAIN Key Metrics Last 7 Days
Even in market volatility, #BNB Chain is moving forward daily
• $BNB Burned: 1495 (~ $443K)
• Unique Address Growth: 1.73M New Addresses
• Total Value Locked: $4.45B
• Weekly Active Users: 3.1M#BNB #BSC #WEB3 pic.twitter.com/CLNvV4jnO2
— BSCDaily (@bsc_daily) October 6, 2022
BNB’s Antidote For Metrics Negativity
While metrics are indicating that the good days might be over for BNB holders, the token still has positive things to lean on to.
For the past seven days, a total of 1.73 million new addresses were registered on the altcoin’s network.
During the same period, the BNB Chain also tallied 3.1 million unique active users, putting the daily average to 778,000.
BNB also accounted for 20.7 million transaction counts as its total locked value (TVL) rose to $5.45 billion.
Finally, there were 1495 BNB tokens burned which meant its circulating supply went down a bit in terms of number.
Currently, BNB coins in circulation are 163, 276,974. The asset’s max supply is 165,116,760.
Crypto total market cap at $907 billion | Featured image from Finbold, Source: TradingView.com