Summary
BNB price failed to reach the $500 mark despite other cryptocurrencies seeing massive gains. Investors are losing optimism as weighted sentiment and MVRV Z-score decline. Predictions suggest a potential price decline to $414, but a Golden Cross on the 3-day chart could sustain bullish momentum.
Key Points
1. The BNB price failed to join the cohort of cryptocurrencies that managed to post massive gains since the end of February, reaching the $500 mark but facing challenges in sustaining further growth.
2. BNB investors have shown declining weighted sentiment, with the weekly average sentiment at a nine-month low, indicating a lack of optimism among holders.
3. The MVRV Z-score for BNB is on the verge of breaching a threshold that suggests overvaluation, potentially leading to selling by investors and a price correction.