BNB recently posted a tweet mentioning all the new developments that have happened in its ecosystem. According to the tweet, over the last seven days, nearly 1495 BNB tokens were burned.
The altcoin also witnessed a growth in its total addresses as more than 1.73 million new addresses joined the network. Moreover, BNB’s total value locked increased and reached the $5.45 billion mark.
🎉 #BNBCHAIN Акыркы 7 күндүн негизги көрсөткүчтөрү
Ал тургай, рыноктун туруксуздугу, #BNB Чынжыр күн сайын алдыга жылып жатат💪
• $ BNB Күйүп кеткен: 1495 (~ $443 миң)
• Уникалдуу даректин өсүшү: 1.73 миллион жаңы даректер
• Кулпуланган жалпы наркы: $4.45 млрд
• Апталык активдүү колдонуучулар: 3.1M#BNB #BSC #WEB3 ???? pic.twitter.com/CLNvV4jnO2- BSCDaily (@bsc_daily) October 6, 2022
All these positive developments were reflected in BNB’s price trajectory. Its weekly chart was painted green. Additionally, BNB was the top gainer last week among the top five cryptos in terms of market capitalization, registering nearly 5% week-over-week growth.
At press time, the alt was trading at $294.17. However, despite these positive developments, things might soon get darker for BNB as several of its on-chain metrics suggest a trend reversal in the coming days.
Метрикалар ойноп жатат
BNB’s MVRV Ratio registered a decline over the last week, which is a bearish signal. Not only that, but BNB’s volume also followed a similar route and went south during the past seven days.
Булак: Сантимент
After marking a spike at the beginning of this month, BNB’s social volume also decreased. Thus, reflecting the diminishing interest from the crypto community in the token. However, the positive news was that BNB’s development activity managed to register an uptick lately.
Булак: Сантимент
On the other hand, CryptoQuant’s маалымат revealed that things were not quite good for BNB as both its Relative Strength Index (RSI) and stochastic were in an oversold position, which shows that a price decline in the coming days could be imminent.
Бул жерде AMBCrypto BNB үчүн баа болжолдоо 2023-24 үчүн
Despite all these negative developments, BNB’s popularity remained unharmed as it recently topped the list of most used smart contracts for the top 1000 biggest BSC whales on 6 October.
🏆 Эң чоң 1000 үчүн КӨП КОЛДОНУЛГАН акылдуу келишимдер #BSC киттер бүгүн
???? $ BNB
🥈 #BSC-АКШ доллары @Tether_to
🥉 $ BUSD @PaxosGlobal
4️⃣ $ WBNB
5️⃣ # BabyDoge @babydogecoin
6️⃣ $ USDC @circlepay
7️⃣ $ ETH
8️⃣ $ UNI @Uniswap
9️⃣ $ LINK @chainlink
🔟 $JED @JedStarOfficial pic.twitter.com/zVBkqtsZek— WhaleStats – эң мыкты 1000 BSC бай тизмеси (@WhaleStatsBSC) October 6, 2022
Алга карай
Curiously, a few market indicators were also in favor of a price plummet soon, while others supported the possibility of a continued uptrend.
Мисалы үчүн, BNB’s Chaikin Money Flow (CMF) registered a downtick and was moving toward a neutral position. Interestingly, On Balance Volume (OBV) also followed the same route and went down, both of which are bear signals, suggesting an upcoming price drop.
The reading of the MACD indicator supported the bears. Moreover, the Exponential Moving Average (EMA) Ribbon indicated that after a long tussle, the 20-day EMA finally managed to go above BNB’s 55-day EMA. The chances of a short uptick can’t be ruled out.
Булак: TradingView
Source: https://ambcrypto.com/good-days-for-bnb-holders-might-soon-end-heres-why/