.png)
Could BNB Price Retest $600 Amid Strong Investor Sentiment?
The post Could BNB Price Retest $600 Amid Strong Investor Sentiment? appeared on BitcoinEthereumNews.com. Binance Coin (BNB), the fourth largest cryptocurrency by market capitalization, could be on the verge of retesting $600. If achieved, the coin will erase some of the losses that ensured it is now 25% down from reaching its all-time high. BNB price has increased by approximately 6% in the last seven days. Will the crypto register another positive return this week? Investors Plan to Strengthen Binance Coin During the August 5 market crash, BNB’s price fell as low as $403.90. This infamous incident also affected the Weighted sentiment around the coin, and on-chain data shows that it dropped to the negative region. The decline at that time indicated fear among investors and triggered selling pressure. But at press time, this is no longer the case, as BNB’s Weighted Sentiment has now reached its highest level since June 5. In simple terms, Weighted Sentiment measures the number of mentions expressed in a positive or negative manner. A positive reading implies that the average comment linked to a cryptocurrency is optimistic, while a negative reading suggests otherwise. Read more: Best BNB Wallets to Consider in 2024 BNB Weighted Sentiment. Source: Santiment With a reading of 3.44, the metric indicates that most BNB-related commentary is bullish. If this positive sentiment holds, it could increase demand for BNB and potentially push its value beyond $535.50. Another metric with the potential to move BNB’s price higher is the number of active users, which is the number of unique wallets engaged in transactions on the blockchain. According to Token Terminal, the weekly active users on BNB Chain were 3.20 million on August 10. As of now, this number has surged to 4.50 million, marking nearly a 50% increase in just nine days. Higher user activity often correlates with increased demand, as greater adoption typically strengthens a cryptocurrency’s…
The post Could BNB Price Retest $600 Amid Strong Investor Sentiment? appeared on BitcoinEthereumNews.com.
Binance Coin (BNB), the fourth largest cryptocurrency by market capitalization, could be on the verge of retesting $600. If achieved, the coin will erase some of the losses that ensured it is now 25% down from reaching its all-time high. BNB price has increased by approximately 6% in the last seven days. Will the crypto register another positive return this week? Investors Plan to Strengthen Binance Coin During the August 5 market crash, BNB’s price fell as low as $403.90. This infamous incident also affected the Weighted sentiment around the coin, and on-chain data shows that it dropped to the negative region. The decline at that time indicated fear among investors and triggered selling pressure. But at press time, this is no longer the case, as BNB’s Weighted Sentiment has now reached its highest level since June 5. In simple terms, Weighted Sentiment measures the number of mentions expressed in a positive or negative manner. A positive reading implies that the average comment linked to a cryptocurrency is optimistic, while a negative reading suggests otherwise. Read more: Best BNB Wallets to Consider in 2024 BNB Weighted Sentiment. Source: Santiment With a reading of 3.44, the metric indicates that most BNB-related commentary is bullish. If this positive sentiment holds, it could increase demand for BNB and potentially push its value beyond $535.50. Another metric with the potential to move BNB’s price higher is the number of active users, which is the number of unique wallets engaged in transactions on the blockchain. According to Token Terminal, the weekly active users on BNB Chain were 3.20 million on August 10. As of now, this number has surged to 4.50 million, marking nearly a 50% increase in just nine days. Higher user activity often correlates with increased demand, as greater adoption typically strengthens a cryptocurrency’s…
What's Your Reaction?
