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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

BNB Holders Should Brace For This Trend Reversal – Happy Days Over?

Christian Encila
Christian Encila
3 years ago
3 mins read
BNB

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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.

Related Reading: Shiba Inu: How This Newly Found Support Will Boost SHIB Price This Week


Source: Santiment

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.

Related Reading: Hedera: Investors Should Check Out These Data Before Buying HBAR

Crypto total market cap at $907 billion |  Featured image from Finbold, Source: TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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