Celsius to receive $70 million as per latest filing; liquidation may still be on the cards
ApeCoin forms a bearish pattern, can APE traders anticipate a 5% drop soon?
Cardano [ADA] finally attaches a date to the Vasil upgrade— Decoding the details
AXS shows some short-term strength but a resolute resistance zone looms ahead
Ripple: Will the new ‘witness’ turn the fortunes of XRP around
Bitcoin [BTC]: Should investors expect bullish correction this month
Bitcoin is due for a breakout but will it favor bulls or the bears
Bitcoin HODLed reaches 21-month high- What could it mean for investors
Bitcoin’s hashrate, mining difficulty have these updates for you
Will Bitcoin repeat history by turning September into a bull trap
Are ETH’s leveraged long position liquidations suppressing its potential upside
Ethereum: Any LAMBO chances on holding ETH? Buterin has answer
Ethereum investors planning to profit on Merge day should read this
Ethereum miners are not ready to jump ship, ‘why’ might surprise you
Slow and steady ENS, could it win the August-end race
Published
on
By
A glimpse of the NFT market showed that neither Ethereum [ETH] nor Solana [SOL] was the best performing chain over the last 24 hours. Surprisingly, Binance Coin [BNB] took center stage out of the top three, according to CryptoSlam.
Ordinarily, the NFT community would not expect BNB to overtake ETH or SOL in sales volume. Of course, that was the case. However, traders’ participation, collections interest, and transactions seemed to have shifted to BNB rather than the other two.
According to the NFT data platform, BNB NFT sales volume surged 57.52%. This increase was enough to get the volume to $625,966. While it was not up to the millions of dollars recorded by ETH and SOL, it was the highest increase among them.
Source: CryptoSlam
The rise in transaction volume brought the total sales volume for August to $13.10 million. Despite the performance, it was still the lowest monthly volume BNB had accumulated in four months since reaching a $9.80 million low in April.
So BNB may need to up its game beyond the 2132 transactions that took place on the last day of August.
However, BNB’s case is not all about the greens, as the exchange token price did not act in accordance with the NFT state. CoinMarketCap reported that there had been a 13.61% volume decline at press time.
Additionally, the price was down to $276.72, following a downtrend of many top cryptocurrencies.
Looking at the charts, BNB does not seem ready to rise from its misery. This is as the Moving Average Convergence Divergence (MACD) was clearly below the histogram with signs of a continuous bearish movement.
Also, sellers (orange) seemed to have maintained a position over BNB buyers (blue). For the Awesome Oscillator (AO), it was a similar position with the value in the negative at -2.8.
Source: TradingView
BNB may have added more investors to its flock as Santiment revealed an increase in the 24-hour active addresses. However, the thirty-day Market Value to Realized Value (MVRV) seems to be decreasing.
With these conflicting metrics, there was no clear direction where BNB was heading. Due to this divergence, BNB investors may need to withhold taking any position considering the current momentum.
Source: Santiment
This “separation,” however, has not stopped BNB from ensuring new developments. Lately, its parent company, Binance, announced that it would support upgrades to the BNB chain. Based on the details, BNB would go through a network upgrade and hard fork, but it won’t result in a new token.
#Binance will support the #BNB Beacon Chain (BEP2) and Beam $BEAM network upgrades & hard forks.https://t.co/vUjuFHPYGh
— Binance (@binance) September 1, 2022
Binance Coin could move toward $300 and $316, or below…
Bitcoin’s hashrate, mining difficulty have these updates for you
Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
Binance Coin could move toward $300 and $316, or below…
BNB Smart Chain’s ‘Need for Speed’ endeavour can have this effect on the altcoin
Dear Binance Coin [BNB] investors, here’s what you really must know
BNB lost pace but reached an interesting milestone this week
Binance Coin [BNB]: Will these signals lead the light to $400
Did BNB escape inflation headwind to emerge as crypto big boy
Your email address will not be published.
document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
