The Charts Look Good For Traders – More Green On The Plate?

BNB Price (Binance Coin), has been in the right lane for some time. On top of this, BNB is also the leader of the crypto market in terms market cap. BNB also saw a weekly increase of 6%.

  •         Binance Coin registered a weekly gain of 6%
  •         BNB development improved investor interest
  •         BNB shows stunted social metrics

BNB has been ranked among the top five cryptocurrency in terms of search volume. BNB’s price has fallen by 1.6% in comparison to September 25th data, when it was trading at $275.42.

BNB made it into the list of top cryptocurrency pairs that experienced a bull market when combined with BTC. Binance Coin development has attracted investor attention which in turn positively affected the BNB’s on-chain metrics.

BNB price up by almost 3%

According to CoinMarketCapBNB prices have risen by 2.9% or traded at $275 as this writer writes. TradingView data shows that $43.5 billion is the market capitalization.

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

Bollinger Bands, which show the Binance coin price in an overbought area, are more important. This increases the risk of a break. The possibility for an increase in Binance Coin’s RSI or CMF has been shown by the CMF and RSI.

The MACD statistics show that the bulls have been coming out stronger after an intense tug-of-war.

BNB’s future is expected to be bright for many crypto analysts and experts. Technologist Joseph Raczynski believes that BNB will continue to rise.

BNB’s future is positive mainly because Binance keeps growing. Overall, BNB is being viewed as a remarkable investment by the cryptocurrency market. The SEC feud will not affect its price momentum.

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Featured image taken from AAX Academy. Chart:

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