Will BNB see a resurgence? Assessing the odds
- Apart from price, BNB’s network activity also registered an uptick over the last few weeks.
- Most metrics and market indicators remained bullish on BNB.
BNB Chain’s [BNB] weekly chart registered gains of late, which gave investors hope for more profit. If the latest data is to be considered, things might get even better, as BNB’s Galaxy Score was the highest among the top cryptos, giving hope for an incoming bull run.
TOP 15 coins by @LunarCRUSH Galaxy Score
Galaxy Score is a proprietary score that is constantly measuring crypto against itself with respect to the community metrics pulled in from across the web#BNB $BNB $PEPE $VRA $LOOM $WBT $UNI $TRX $CAKE $FLOW $VET $DOT $USDT $IOTX $SOL… pic.twitter.com/r2W4PhkFU3
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) October 16, 2023
Read BNB Chain’s [BNB] Price Prediction 2023-24
BNB Chain is showing bullish signals
BNB has finally managed to impress investors as its price surged by over 1.5% in the last seven days. At the time of writing, it was trading at $213.51 with a market capitalization of over $32.2 billion, making it the third-largest crypto.
While the coin’s price rose, its trading volume also increased by double digits, acting as a foundation for the price hike.
Will BNB actually begin a bull run?
Binance’s network activity also registered an uptick of late, as Artemis’ data revealed that BNB’s Daily Active Addresses increased over the past few weeks. A similar increasing trend was also noted in terms of the blockchain’s Daily Transactions, which, after a dip, went up sharply.
Source: Artemis
Like network activity, the blockchain’s trading volume has also increased in the recent past. This indicated that investors were willing to trade BNB effectively. The hike in volume also supported the surge in its price.
Thanks to the price uptrend, the token’s Price Volatility 1w also rose substantially, increasing the chances of a further uptick. The token’s Social Volume was also relatively high, meaning that it was a popular coin in the crypto space over the last week.
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However, its Development Activity declined – a negative signal.
Source: Santiment
BNB’s price can get further above, as most of the indicators were in the bulls’ favor. For instance, the MACD displayed a bullish crossover. BNB Chain’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) both went up, increasing the chances of a further northward price movement.
Source: TradingView
