BNB takes NFT high spot however traders should not be elated- Right here’s why

A glimpse of the NFT market confirmed that neither Ethereum [ETH] nor Solana [SOL] was one of the best performing chain during the last 24 hours. Surprisingly, Binance Coin [BNB] took middle stage out of the highest three, in keeping with CryptoSlam.

Ordinarily, the NFT neighborhood wouldn’t anticipate BNB to overhaul ETH or SOL in gross sales quantity. In fact, that was the case. Nonetheless, merchants’ participation, collections curiosity, and transactions appeared to have shifted to BNB fairly than the opposite two.

The greens solely?

In line with the NFT knowledge platform, BNB NFT gross sales quantity surged 57.52%. This improve was sufficient to get the amount to $625,966. Whereas it was lower than the hundreds of thousands of {dollars} recorded by ETH and SOL, it was the best improve amongst them.

Supply: CryptoSlam

The rise in transaction quantity introduced the entire gross sales quantity for August to $13.10 million. Regardless of the efficiency, it was nonetheless the bottom month-to-month quantity BNB had accrued in 4 months since reaching a $9.80 million low in April.

So BNB could must up its recreation past the 2132 transactions that happened on the final day of August. 

Nonetheless, BNB’s case just isn’t all in regards to the greens, because the trade token worth didn’t act in accordance with the NFT state. CoinMarketCap reported that there had been a 13.61% quantity decline at press time.

Moreover, the worth was all the way down to $276.72, following a downtrend of many high cryptocurrencies.

Trying on the charts, BNB doesn’t appear able to rise from its distress. That is because the Shifting Common Convergence Divergence (MACD) was clearly beneath the histogram with indicators of a steady bearish motion.

Additionally, sellers (orange) appeared to have maintained a place over BNB consumers (blue). For the Superior Oscillator (AO), it was an identical place with the worth within the adverse at -2.8.

Supply: TradingView

BNB could have added extra traders to its flock as Santiment revealed a rise within the 24-hour energetic addresses. Nonetheless, the thirty-day Market Worth to Realized Worth (MVRV) appears to be reducing.

With these conflicting metrics, there was no clear route the place BNB was heading. As a result of this divergence, BNB traders could must withhold taking any place contemplating the present momentum.

Supply: Santiment

This “separation,” nonetheless, has not stopped BNB from making certain new developments. Recently, its father or mother firm, Binance, announced that it might assist upgrades to the BNB chain. Primarily based on the main points, BNB would undergo a community improve and arduous fork, nevertheless it gained’t end in a brand new token.

#Binance will assist the #BNB Beacon Chain (BEP2) and Beam $BEAM community upgrades & arduous forks.https://t.co/vUjuFHPYGh

— Binance (@binance) September 1, 2022