• Despite slight gains for investors in the past three months, BNB could face selling pressure.
• Traders have resolved to overlooking the opening of BNB contracts.

Binance Coin [BNB], 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.

Read Binance Coin’s [BNB] Price Prediction 2023-2024

According to Santiment, the coin’s Market Value to Realized Value (MVRV) ratio has been increasing since 20 May. At press time, the metric was 7.211%.

BNB lacking attention?

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.

When the ratio increases, it means that investors are showing a willingness to sell, depending on the market cycle. Since this was the case with BNB, the increase had the potential to propel a further drop in value.

As a result, traders seem to be indifferent about the BNB price action, the funding rate revealed. At the time of writing, the BNB funding rate was 0%. This neutral state explains how longs and shorts were not interested in paying each other to keep their futures or options contracts open.
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Author: Victor Olanrewaju

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