Analyzing BNB Chain’s weekly report for you to make best trading decision
- BNB’s weekly average users were over 2.8 million and the daily transaction count exceeded 2.9 million.
- On-chain performance was decent but market indicators were bearish.
Binance Coin [BNB] recently posted its weekly ecosystem report, highlighting all the notable developments in the network and also updating the key statistics.
As per the report, BNB once again managed to maintain its track record of having more than 2 million transactions and active users.
Another whirlwind week at BNB Chain, let's get you caught up with our Weekly Ecosystem Report! ?
?BNB Chain Unveils 2023 Tech Roadmap
?Zero to Hero: BNB Chain Builder Series
?Empowering Women in Web3
?New Web3 Mastery Workshops https://t.co/FKL9byS7dI
— BNB Chain (@BNBCHAIN) February 19, 2023
Last week, the weekly average users were over 2.8 million, while the daily active users reached 831k. BNB Chain’s daily transaction count also remained high, as it exceeded 2.9 million, which in total was over 17 million in the last seven days.
Read Binance Coin’s [BNB] Price Prediction 2023-24
BNB’s health looks good
Apart from the stats, BNB also mentioned quite a few important announcements that were made over the last seven days.
The most significant development was the release of BNB Chain’s tech roadmap for 2023. As per the tech roadmap, BNB Chain will work with the Ethereum community to build the best-performing EVM-compatible client for BSC.
In addition to that, BNB Chain will also continue to improve the user experience, such as, by introducing better cross-chain solutions, and strengthening security through AvengerDAO 2.0.
BNB also launched its new Web3WonderWomen program last week, which is a new mentorship program for women in Web3.
All the updates had a positive impact on the network’s on-chain performance. For instance, BNB’s MVRV ratio increased over the last few days, which was optimistic.
BNB’s velocity remained relatively high throughout the week, but it registered a decline later.
Additionally, its on-chain transaction volume in profit spiked last week, which was a development in the investors’ favor.
However, LunarCrush’s data revealed that BNB’s market dominance declined last week by over 1.2%.
Realistic or not, here’s BNB market cap in BTC’s terms
Price performance has been subpar
Though the on-chain performance was positive, nothing seemed to have reflected on BNB’s chart as it failed to register gains last week.
According to CoinMarketCap, BNB’s price only managed to increase by 1.9% in the last seven days, despite the bullish market conditions. At press time, BNB was trading at $315.34 with a market capitalization of over $49.7 billion.
BNB’s daily chart revealed quite a few reasons behind this performance. The On Balance Volume (OBV) registered a downtick, which was bearish.
The Exponential Moving Average (EMA) Ribbon suggested that the bulls might soon lose the upper hand in the market as the distance between the 20-day EMA and 55-day EMA was reducing.
BNB’s Chaikin Money Flow (CMF) was also resting low, which was again bearish. The Relative Strength Index (RSI) registered a slight uptick but was still near the neutral mark.