After recent of weeks of decrease and consolidation, accumulating BNB could sound a rational action to take. But on-chain metrics had an opposite viewpoint.
Traders have resolved to overlooking the opening of BNB contracts., the native cryptocurrency of the Binance exchange, may have done well to remain above $300 despite the recent red days of the market. However, the resilience shown might not be confirmation that BNB is in a prime position for an uptick.
According to Santiment, the coin’s Market Value to Realized Value ratio has been increasing since 20 May. At press time, the metric was 7.211%.Often viewed as a macro-oscillator, the MVRV ratio shows the ratio between the current price of an asset and the average price acquired while pointing out how overvalued or undervalued the asset is.
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