- BNB popularity waned by as Social Volume and Weighted Sentiment fell.
Activity on the BNB network also fell significantly.
As a crypto investor who has closely followed the BNB market, I’m concerned about the recent decline in Social Volume and Weighted Sentiment towards Binance Coin (BNB). The data from AMBCrypto suggests that negative sentiment has been dominating the conversation around BNB, which could negatively impact its price movement.
As a researcher studying the cryptocurrency market, I’ve observed that Binance Smart Chain (BNB) has exhibited significant price fluctuations, closely tied to the condition of the Binance exchange.
BNB social volume
The decline in social activity surrounding the altcoin may signal a potential downturn based on AMBCrypto’s data, which showed a substantial decrease in social volume over the past few days.
As a researcher analyzing social media sentiment towards Binance Coin (BNB), I’ve noticed an intriguing trend: the total weighted sentiment has decreased noticeably. This finding implies that a substantial increase in negative comments about BNB has occurred within the recent timeframe.
These factors can negatively impact the price movement of BNB.
At the moment of publication, BNB was priced at $591.70, marking a 0.78% increase in value over the past 24 hours. The price was erratically swinging between the support at $537 and resistance at $635 without showing any definitive pattern.
In recent days, the Chaikin Money Flow or CMF for BNB has been on a downward trend, signaling that the inflow of funds into this cryptocurrency is decelerating.
The Awesome Oscillator signaled bearish momentum with its recent shift to negative values, increasing the probability of a future price decline.
The significant volatility in BNB‘s price caused a substantial increase in total liquidations on the network.
Over the last few days, more than 20 million worth of positions were liquidated.
Although traders experienced financial losses, their spirits stayed high. The past few days saw a notable increase in the number of long positions held for BNB.
It remains to be seen whether the bulls turn out to be right in the long run.
Another factor that could impact BNB would be the overall state of the network.
Based on current statistics, Decentralized Exchanges (DEXs) on the Solana network have seen significantly higher trading volumes compared to those on the Binance Smart Chain (BNB) network.
Additionally, the Total Value Locked within the network has decreased, potentially signaling waning engagement with BNB‘s ecosystem.
The network experienced a decrease in usage, evidenced by a drop of 21.9% in the number of daily active users.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- Top gainers and losers
- LDO PREDICTION. LDO cryptocurrency
- LOKA PREDICTION. LOKA cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- SCOMP PREDICTION. SCOMP cryptocurrency
- BOO PREDICTION. BOO cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- LUNA PREDICTION. LUNA cryptocurrency
- CTC PREDICTION. CTC cryptocurrency
2024-05-12 20:07