Analyst points to rise in BNB and Decentraland cryptocurrencies

The cryptocurrency market is on a roll with bullish predictions for Binance Coin (BNB) and Decentraland (MANA), according to a recent analysis by expert Aaryamann Shrivastava. Both digital assets are showing signs of continuing their rise, driven by technical and fundamental factors that indicate potential further appreciation.

Decentraland (MANA), the metaverse-linked cryptocurrency, is showing promising signs after breaking out of a descending trendline that had limited its growth since March this year.

“MANA rose 1.5% on Friday to $0.291 and could be poised for a fresh push higher,” Shrivastava said.

He adds that if the support level around $0.280 holds, the token could rally to $0.312 and potentially gain another 25% to revisit the $0.351 high recorded on July 27.

Technical indicators also support this forecast. The Relative Strength Index (RSI) is above the neutral level of 50, suggesting positive momentum. Furthermore, the Awesome Oscillator (AO) is approaching the zero level, another sign that the bullish trend may continue.

“Both indicators need to hold above their neutral levels for the bullish momentum to be sustained,” Shrivastava explained.

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Furthermore, on-chain data shows that MANA’s exchange flow balance has seen a significant drop, suggesting less selling pressure and increased accumulation by investors. “This negative shift indicates increased buying activity among investors, which bodes well for the continuation of MANA’s price rally,” the analyst commented.

Binance Coin (BNB) is also attracting positive attention, posting a 10% surge this week, marking three consecutive weeks of gains. The recent rally was fueled by an announcement from Binance Labs, which has invested in four crypto startups through its MVB Accelerator program.

“This investment has led to a jump of over 2% in the price of BNB, reflecting the market’s confidence in Binance’s initiatives,” Shrivastava noted.

Another factor that reinforces the bullish outlook for BNB is the increase in trading volume on decentralized exchanges (DEX) on the BNB chain.

“Trading volume on BNB Chain DEXs increased from $484.3 million on Monday to $922.1 million on Friday, which is the highest since August 6,” the analyst highlighted. Additionally, revenue generated by BNB Chain also reached $86,200 on Wednesday, the highest since early June.

Despite these positive indicators, Shrivastava cautions that BNB development activity remains low, which suggests that investors should temper their expectations for an immediate price rally. “While fundamentals are strong, low development activity means gains could be gradual rather than explosive,” he concluded.

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