BNB was one of the top gainers this week and is on the list of top cryptocurrencies in terms of market capitalization. The altcoin has recorded a 5% weekly gain.
The growth also caused excitement in the crypto community as BNB was among the top five cryptocurrencies in terms of search volume, according to LunarCrush.
As we begin the last week of Sept 2022, these are the current top five trending searches🔍 on https://t.co/S43WsoNoxP
— LunarCrush (@LunarCrush) September 25, 2022
Despite performing better than others, at the time of writing, the BNB price is down 1.2% from yesterday and is trading at $273.53 with a Market Cap of $44,243,914,876.
Interestingly, BNB also made the list of the top cryptocurrencies with bullish trends on the BTC pair. Let’s take a look at the metrics to find out what might happen to BNB holders.
[Scan results – #KuCoin – 1d]
— DYOR.net (@DYORCryptoBot) September 26, 2022
Indices of BNB
These developments look promising, and some of BNB’s on-chain indices have also recorded interesting movements.
For example, BNB’s MVRV ratio has increased compared to the previous week. This is a good sign as it increases the likelihood of a continuation of the uptrend.
Furthermore, the volume of BNB is also stable, potentially dropping in price suddenly.
However, not all indices benefit BNB. Daily active addresses have recorded a steady decline over the last month, which is not a positive signal as it shows that there are fewer users trading in the ecosystem.
Furthermore, despite being listed on LunarCrush’s top five cryptocurrency list, BNB’s social media engagement volume also decreased. As a result, there is less interest from investors in the token.
Furthermore, Messari’s chart shows a decline in BNB volatility, which could prevent the coin from rising in the short term.
BNB Price on Daily Chart
Unlike some negative indicators, BNB’s daily chart painted a bullish “picture” as many market indicators supported the possibility of a sharp price increase.
The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) recorded gains, indicating the likelihood that the price will rise in the coming days.
The MACD findings show that after a long tug-of-war between bulls and bears, the former seems to have the upper hand when an uptrend crossover has been noted.
Furthermore, Bollinger Bands indicate that the BNB price is in a volatile zone, which further increases the likelihood of a breakout.