- Weekly trading of BNB exceeds 20 million
- However, MVRV ratios and market indicators revealed a possible downtrend
binance coin [BNB] Last week’s performance did not please investors as it posted losses on the charts. However, that metric has skyrocketed as there have been some interesting developments in the ecosystem.
The BNB chain’s latest tweet revealed that trading for the week exceeded $20 million. Furthermore, the average number of transactions per day reached 3.41 million.
Check out the key metrics from #BNB chain Last week ⤵️ pic.twitter.com/i4ScnYszgf
— BNB Chain (@BNBCHAIN) December 3, 2022
read binance coin [BNB] price prediction 2023-2024
According to data from CoinMarketCap, BNB’s price fell by nearly 7% last week. At press time it was valued at $291.77 and had a market capitalization of $46.6 billion.
However, despite the price drop, Santiment data reveals a surge in BNB’s daily active addresses. This indicates a large number of users in the network.
Source: Santimento
Given the nature of the aforementioned renewal, BNB can give investors reason to rejoice.
Could things improve around BNB?
BNB‘s Market Value to Realized Value Ratio (MVRV) registered a significant drop last week. This indicates that its price has fallen further. However, the coin’s development activity rose, which was a positive signal. BNB’s social volume also continued to be popular in the cryptocurrency community as it showed several spikes in the last seven days.
Source: Santimento
Interestingly, BNBThe NFT space also experienced growth. According to Santiment, his number of NFT trades and total NFT trade volume in USD have increased significantly.
Source: Santimento
Expected result?
BNB’s daily chart reveals further flattening potential. Bollinger Bands (BB) are binance coinhas entered a squeeze zone. This will reduce the likelihood of sudden northward movements. The Relative Strength Index (RSI) is also resting at the neutral mark, further reducing the chances of a price surge.
Nonetheless, BNB’s Chaikin Money Flow (CMF) registered a slight rise, raising investor hopes for better days to come.
Source: Trading View
