Analysts Believe There Are Dark Days Ahead for The BNB Price
- BTC’s dominance is still pushing up.
- BTC is currently trading at $19,977.28 after a 0.90% drop in price.
- The 9 EMA line has recently crossed bullishly above the 20 EMA line.
BNB recently took to Twitter, mentioning all of the new developments that have happened in the ecosystem. Unfortunately, despite this, the near future for BNB does not look too bright.
Some of BNB’s recent achievements include that its total addresses have seen good growth of more than 1.73 million new addresses joining the network. In addition, BNB’s total value locked also increased to the $5.45 billion mark. The crypto’s burn initiative is going full steam ahead with 1495 BNB tokens already burned.
Unfortunately, despite these positive developments, BNB might soon head in a negative direction, as is shown in some of its metrics.
BNB MVRV and Volume (Source: Santiment)
BNB’s MVRV Ratio registered a decline over the last week, which is a bearish signal for the crypto. In addition to this, its volume suffered a similar fate as it also declined over the last seven days.
BNB Social Volume (Source: Santiment)
Data from the blockchain analysis firm Santiment also adds fuel to the fire, as BNB’s social volume also took a dive, after its spike at the start of the month. This could suggest that the interest in crypto is diminishing.
BNB’s technical indicators also suggest dark times ahead for the cryptocurrency. According to data from CryptoQuant, BNB’s Relative Strength Index (RSI) and stochastic are in the oversold position. This could be an indicator that a price decline is in the cards for BNB within the next few days.
In contrast to the data above, BNB’s popularity remained relatively unharmed as it recently topped the list of most used smart contracts for the top 1000 largest BSC whales.
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