BNB Trumps ETH On Yet Another Basis: What Does This Mean For The Tokens?
It will not be the first time the Binance Coin (BNB) will trump Ether (ETH) as regards its total locked value (TVL), and as such, it is not different this time. Although, through its Twitter page, BNB announced that BNB’s total locked value (TVL) increased to an all-time high of 8.22% while making a comparison with Ethereum’s 0.45%. BNB investors have been advised not to put on their dancing shoes yet until the situation is clearer.
BNB’s Total Price Action is Currently Down
While it is apparent that Binance Coin (BNB) has taken a good turn on the graph, it is quite the opposite for the coin’s price action, as it is currently quite below the mark. As it is, a negative 5% gain over seven days has been recorded at the time of writing this piece, and with a market cap of $45 billion, BNB currently trades at $281.38.
However, based on information released by the popular crypto analytics firm CryptoQuant, the situation might change for BNB very soon. Apparently, the coin’s stochastic is currently being sold for a price below its true value, and there is a pretty high tendency that the direction of the price trend will change very soon.
Also, it has been predicted that BNB’s association with the famous children’s game software provider, LitLab Games, will no doubt cause the price of the BNB token to change for the better.
In accordance with CryptoQuant, the statistics released by the popular crypto-intelligence framework, Santiment also predict good tidings for the investors of the BNB token. The token has continued to enjoy popularity since last week, even though the movement of its velocity is quite concerning.
A Trend Reversal Likely to Occur Very Soon
A careful examination of the BNB token’s daily performance will show that it appears as if the bull and the bear are in a pretty fierce tussle and each is trying to outperform the other.
A persistent struggle could be seen, for example, between the 20-day and 55-day exponential moving averages (EMA). The same could be said for the moving average convergence divergence (MACD), while the Chakin Money Flow has slightly declined.
However, aside from all of the aforementioned, it appears that a trend reversal will occur in the coming days due to the change in direction of the Money Flow Index (MFI).
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