In July, the exchange token of the largest crypto exchange, Binance Coin [BNB], struggled. Despite recovering from lows in June when it fell to $192, BNB failed to return to its price in May.

However, investors would have praised BNB for its July performance as it closed the month around $292. From CoinMarketCapBNB price has not fallen below $300 since last in the first week of August.

At the time of printing, the coin was trading at $316.35, down 1.87% from the past 24 hours. Nevertheless, BNB gained against the top two cryptocurrencies, indicating that the coin entered the $400 zone in August in the same way it exited the 200s in July before the 300s.

Against Bitcoin [BTC]BNB rose 1.62% while gaining 3.31% vs. Ethereum [ETH].

Interestingly enough, BNB held onto a few other signs that could take it up to $400 above earnings.

Look at these

According to Santiment, the social dominance of BNB pointed the past two days. After an increase of 14.79% between August 13 and August 14, the dominance increased again.

At the time of writing, social dominance had increased by 26.04% from the previous day.

Excluding this increase, the 30-day market value to realized value (MVRV) ratio indicated that the BNB price may be undervalued.

With investors taking more and more profits around August 9 due to the MVRV ratio, the current stance of 26.38% seemingly offers an opportunity to accumulate BNB before a likely rise.

Source: Santiment

Moreover, the BNB price decline has not led to a volume decline. In fact it had 24-hour volume increased 6.87% to $1.12 billion.

Source: Santiment

With these improvements, it looks like BNB is on track to outperform it reaches in the second quarter (Q2). So what other contributions could reflect this $400 opportunity?

NFTs and licenses

However, investors may need to keep an eye on rising interest in BNB. While it can stimulate a price rally, it can also reverse momentum. This is because Binance Smart Chain (BSC) NFT sales volume has surged 41% for most of August 15, according to CryptoSlam.

Although it was down 7.27% to $535,256 at the time of going to press, the number of transactions had remained more or less constant. There were 2,624 transactions with 1,192 as buyers.

Source: CryptoSlam

Interestingly, BNB may also get some support from the operations of its parent company, Binance. Lately, the exchange announced it was secured approval to operate in Kazakhstan after a series of expansions as early as 2022.

So should investors expect more positive updates on the BNB ecosystem? The conclusion may seem premature. However, if recent developments continue, they have the potential to propel BNB to new heights.

This post Binance Coin [BNB]: Will these signals lead the light to $400

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