As BNB traders anticipate a rebound in the fourth quarter, keep that in mind

Blockchain Analytics Platform feelings It found that the negativity and continued decline that plagued the overall cryptocurrency market is beginning to fade as traders anticipate a rebound in the fourth quarter.

According to Santiment, BNB has been among the crypto assets that have recently had a positive bias.

At the time of writing, BNB sentiment is weighted above the midline to record a positive value of 0.024

Source: feeling

BNB may be poised for a significant price hike if the positive bias persists. But are the top 5 cryptocurrencies in a good position to make it happen?

There is a problem in heaven

A look at BNB’s on-chain performance revealed a steady decline in the asset’s price since October 6. Since then, the price of BNB has fallen by 8%. According to data from CoinMarketCap, BNB is trading at $271.72 at the time of writing.

The BNB Money Flow Index (MFI) was significantly oversold at press time and was below neutral 50 points on the daily chart. At the time of writing, the size of the MFI is 27.13. Also in a downtrend at press time, the Relative Strength Index (RSI) was fixed at 44.55.

The decline in BNB price since October 6th was followed by the start of a new bearish cycle, which can be inferred from the asset’s Moving Average Convergence/Divergence (MACD).

On October 9, the trend line experienced a bearish crossover from the MACD line, and since then the indicator has been marked with red histogram bars.

As for who was in control of the market at the time of this news release, the DMI confirmed that BNB sellers did. At the time of writing, the strength of sellers (in red) at 22.52 is much higher than buyers (in green) at 13.92.

This is also confirmed by the Exponential Moving Average (EMA) website. At the time of writing, the 20 EMA (blue) is below the 50 EMA (yellow) line, which indicates the intensity of the ongoing downward movement.

Source: TradingView

BNB on chain

According to data from Santiment, the number of daily active addresses trading BNB has been declining steadily since May 14. That was at 1,013 titles at press time, having fallen 95% since mid-May.

With the price drop in recent months, the market price index of BNB has also fallen. Between April 19 and press time, the MRVR has fallen from 166.36% to 70.34%.

Source: feeling

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