A powerful on-chain signal just flashed for BNB, sparking renewed confidence in a bullish BNB price prediction as the token eyes a return to $1,000.
The Network Value to Transactions (NVT) ratio has plunged to a 27-month low, suggesting BNB is currently undervalued relative to its growing network activity.
In the past, this has been a contrarian signal. This means that, when the metric drops, the price of BNB starts to rise.
The last time the NVT metric hit a low of around 90, BNB started its ascent from $650 to its all-time high of $1,300.
BNB Price Prediction: Early Bullish Signals Pop Up in the Daily Chart
The daily chart shows that an ascending price channel has formed after BNB hit a key support at $920.
The price has progressively recovered, but experienced some selling pressure right after it hit $1,000. This psychological threshold would be the key resistance to watch in the next few days.
A move above this mark could trigger a much more explosive uptick in the near term.
Although it is still a bit early to tell if this will be the beginning of the next leg up for BNB.
If the price rises above the 200-day EMA, it could retest its all-time high soon, as this is a critical level from a technical standpoint.
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