Binance Coin [BNB]: Will these signals lead the light to $400
In July, the exchange token of the largest crypto exchange, Binance Coin [BNB], struggled. Despite reviving from its low levels in June, when it went as low as $192, BNB could not revert to its price in May.
However, investors would have given BNB its accolades for its July performance as it closed the month around $292. As per CoinMarketCap, the BNB price has not fallen below $300 since it last did in the first week of August.
At press time, the coin was trading at $316.35, a 1.87% decrease from the last 24 hours. Nonetheless, BNB gained against the top two cryptocurrencies, indicating that the coin moved into the $400 zone in August the same way it left the 200s in July for the 300s this month.
Against Bitcoin [BTC], BNB increased 1.62% while it gained 3.31% over Ethereum [ETH].
Interestingly, BNB held onto a few other signs that could drive it to $400 beyond the gains.
According to Santiment, BNB’s social dominance has spiked over the last two days. After a 14.79% rise between 13 August and 14 August, the dominance rose again.
At the time of this writing, social dominance had increased by 26.04% from the previous day.
Apart from this uptick, the thirty-day Market Value to Realized Value (MVRV) ratio revealed that the BNB price could be undervalued.
With investors increasingly taking profits due to the MVRV ratio around 9 August, the present 26.38% stance seemingly provides an opportunity to accumulate BNB before a likely uptick.
Source: Santiment
Additionally, the price decline has not led BNB to a volume decrease. In fact, the 24-hour volume had increased 6.87% to $1.12 billion.
Source: Santiment
With these improvements, it may seem that BNB is moving towards performing better than what it achieved in the second quarter
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