Binance Coin: the new upgrades the impetus for to push BNB to $300?

Recently BNB has some good upgrades that increase the processing speed and also increase the amount of tokens burned. Let's analyze to see if the BNB price can rally back to the $300 mark

Binance Coin: the new upgrades the impetus for to push BNB to $300?

The recent spike in Binance Coin [BNB] burning may indicate that the BEP-95 upgrade is a good move. Also described as the "Bruno Upgrade", BEP-95 was implemented to speed up the BNB tokenization process. In addition, the upgrade involves using a portion of the burned tokens as transaction fees on Binance Smart Chain.

According to BurnBNB, 119,600 BNB tokens have been burned since the Burno update. This record means that the burned BNB tokens are worth more than $47 million.

 

Wait nothing

Despite the milestone being reached, the price of BNB has barely changed at press time. According to CoinMarketCap, BNB is trading at $276.40, up 0.8% from its value over the past 24 hours. And after posting over $1 billion in its 24-hour volume, BNB is nowhere near that. At press time, trading volume hovers around $654 million.

According to Santiment , the 30-day market value to real value (MVRV) of BNB appears to be in a sell trigger. With MVRV at 27.25%, the market value of BNB is definitely higher than its true value. At this stage, investors may need to consider selling their holdings.

 

Source: Emotions

Furthermore, the whales appear to be breaking out of the Binance Smart Chain (BSC) ecosystem. Santiment respects that the $5 million supply of whales has decreased significantly since September 14. Therefore, investors who expect BNB to hit $300 like it did in August may need to remain hold longer.

Furthermore, its traffic rating over the last 24 hours has remained the same as of September 3. This stagnation means that the movement of BNB through portfolios is not something that traders are looking for. Exciting investment. As for its NFT volume, there is something positive to take back as it stands at $946,000.

Source: Emotions

Looking at the price action since September 16, BNB is showing a more bearish turn. The Money Flow Index (MFI) has dropped a lot until September 15. However, the MFI has increased from 24.22 to 38.51. Hopes for a rally may be lost due to the momentum shown by the moving average convergence divergence (MACD).

Source: TradingView

According to the 4-hour chart, the MACD reveals that the difference between the 12 and 26 exponential moving averages (EMAs) is below zero. The same goes for buying impulse (blue), less selling (in blue) Orange. Therefore, the expectation of a rally to $300 may not be realistic in the short term.

 


Sep 17, 2022

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