Binance Coin [BNB]: Will these signals lead the light to 0

Binance Coin [BNB]: Will these signals lead the light to $400

Binance Coin [BNB]: Will these signals lead the light to 0

In July, the exchange token of the largest crypto exchange, Binance Coin [BNB], struggle. Although it recovered from its lows in June, when it fell to $192, BNB was unable to recover to its price in May.

However, investors would have praised BNB for its performance in July, as it closed the month around $292. According CoinMarketCapBNB price has not fallen below $300 since the last time in the first week of August.

At press time, the coin was trading at $316.35, down 1.87% from the last 24 hours. Nevertheless, BNB gained against both major cryptocurrencies, indicating that the coin moved into the $400 zone in August in the same way it moved from the 200s in July to the 300s this month.

Versus Bitcoin [BTC]BNB was up 1.62% while it gained 3.31% from Ethereum [ETH].

Interestingly, BNB held on to a few other signs that could lead it $400 past the gains.

Contemplate these

According to Santiment, the social dominance of BNB has dope over the past two days. After rising 14.79% between Aug. 13 and Aug. 14, dominance has increased again.

As of this writing, social dominance has increased by 26.04% from the previous day.

Besides this slight rise, the thirty-day market value to realized value (MVRV) ratio revealed that the price of BNB may be undervalued.

As investors take more and more profits due to the MVRV ratio around August 9, the current position of 26.38% apparently offers an opportunity to accumulate BNB before a likely rise.

Source: Santiment

Moreover, the lower prices did not lead BNB to lower volume. In fact, the 24-hour volume had increase 6.87% to $1.12 billion.

Source: Santiment

With these improvements, it may seem like BNB is headed for a better performance than what it is. achieved in the second trimester (T2). So what other contributions might reflect that $400 opportunity?

NFT and licenses

However, investors may need to monitor the growing interest in BNB. While it could drive prices higher, it could also reverse momentum. Indeed, there was a 41% increase in Binance Smart Chain (BSC) NFT sales volume during most of August 15, according to CryptoSlam.

Although it was down 7.27% to $535,256 at press time, the number of trades remained almost constant. There had been 2,624 transactions with 1,192 buyers.

Source: CryptoSlam

Interestingly, BNB can also benefit from the support of the activities of its parent company, Binance. Recently, the exchange announced that it had obtained approval operate in Kazakhstan after a series of expansions already in 2022.

So should investors expect more positive updates regarding the BNB ecosystem? To conclude may seem too hasty. However, recent developments, if sustained, have the potential to drive BNB to new highs.

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