The price of BNB (Binance Coin) has been on the green line for some time and it leads the crypto market in terms of market capitalization. Moreover, BNB also recorded a weekly gain of 6%.
- Binance Coin recorded a weekly gain of 6%
- The development of BNB has improved investor interest.
- BNB shows the social parameters that are hindered
BNB has been tagged as one of the top five cryptocurrencies in terms of search volume. While the coin has been beating other cryptos, BNB is down 1.6 percent in value compared to data on September 25, trading at around $275.42.
Apparently, BNB was able to cut off the top cryptocurrencies that caused the bull run when paired with BTC. Binance Coin’s developments have fueled investors’ interest, which has also had a positive impact on on-chain BNB metrics.
BNB price increased by about 3%.
according to CoinMarketCap, BNB is up 2.98% or trading at $275 as of press time. Total market capitalization currently stands at $43.5 billion, data from TradingView show.
BNB volume appears to be stable which reduces any chance of a price drop. BNB’s MVRV ratio is said to have increased compared to last week’s figures, indicating the possibility of improvement in the coming days.
On the other hand, some of BNB’s on-chain metrics indicate negative sentiments, such as a decrease in unique wallet addresses indicating reduced user activity on the Binance Coin Network.
Additionally, BNB’s social volume has decreased which has resulted in a significant drop in investor demand.
The volatility level of Binance Coin has also fallen which is keeping the coin from going higher. BNB’s daily chart is showing bullish flow with various market indicators confirming bullish potential.
BNB RSI, CMF show possibility of increase
Chart: TradingView.com
More importantly, Bollinger Bands show that the price of Binance Coin is in an overbought zone thus increasing the potential for a breach. RSI and CMF for Binance Coin show a possibility of increase in the coming days.
So far, the MACD statistics show that after a strong tug of war, the bulls are getting stronger than ever.
Many crypto experts and analysts are optimistic about the future of BNB. Technologist Joseph Razinsky believes in BNB’s upward trend.
Futurist is big on BNB because Binance is increasing daily. Overall, the crypto market is incredibly bullish on BNB, so the SEC conflict is unlikely to affect the price.
BNB total market cap at $43.5 billion on the daily chart | Source: TradingView.com Featured image from AAX Academy, Chart: TradingView.com