Despite the burning mechanism and the ecosystem structure that works like an ant, BNB started to experience decreases in in-network measurement data.
BNB, the decentralized currency of the Binance network structure, burned approximately 1,500 coins last week. The project, which went in accordance with the planned ecosystem burning mechanism, also succeeded in maintaining price stability. In particular, the participation of more than 1.73 million people in the BNB network also revealed its global growth power. However, some data can bring dark clouds over BNB.
BNB May Fall
BNB, which is seen as one of the strongest coins in the crypto money market, continues to strengthen globally. It is claimed that the coin, which has gained recognition in all continents of the world, can surpass Ethereum.
Binance, which plans to burn supply for all four quarters of the year, continues to strengthen its ecosystem and cryptocurrency. The smart contracts and exchange coin BNB is strongly building the future. However, drops observed in in-network data could mean bearish signals for the coin.
According to AMBCrypto’s analysis, in-network metrics excel in understanding the trend. Stating that the trend has turned into a bear market in terms of BNB, the analysis claimed that difficult days may come.
BNB Data Analysis
BNB’s MRVR ratio has fallen over the past week. This signal may indicate that price stability may be over. In addition, in parallel, coin volume has also been on a downward trend in the last seven days.
Also, the popular cryptocurrency has been experiencing declines in social activity since the beginning of this month. This data may indicate that the crypto community has lost interest in the popular coin.
According to the data published by CryptoQuant, there are serious problems on the RSI side. Intense selling pressure was observed on the RSI side, which is called the Relative Strength Index. AMBCrypto claimed that this data is also a bearish signal.
Finally, despite all these negativities, the popularity of BNB is increasing day by day. In an analysis, the popular coin took the first place among the smart contracts actively used by the largest 1,000 whales.
In addition, a hacking event on the Binance network was on the agenda on social media.
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