Binance’s (BNB) recently-launched Binance Oracle received quite a bit of popularity as several new projects joined the program. In fact, according to the crypto-exchange’s latest tweet, 10 new projects on the BNB Chain have joined the early-bird program.
— BNB Chain (@BNBCHAIN) October 26, 2022
Binance Oracle is a data service supplied by the company as it aims to provide the blockchain with dependable and safe on-chain data. That’s not all either as BNB Chain recently registered a milestone by becoming the first in the industry to have 200 million unique addresses.
BNB Chain registers an industry first, with an incredible 200 Million Unique Addresses 🎉
— BNB Chain (@BNBCHAIN) October 25, 2022
Surprisingly, Santiment’s data revealed that despite these updates, BNB’s development activity has been dead for more than a week.
Nonetheless, BNB’s price charts corresponded with the positive updates and registered over 7% weekly gains. However, thanks to such a decline in development activity and market indicators not being in its favor, can BNB sustain its growth?
Here’s AMBCrypto’s Price Prediction for BNB for 2023-24
Is this troublesome?
Interestingly, BNB was among the top BNB Chain projects in terms of social activity on 26 October – A sign of the altcoin’s popularity in the crypto-space.
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 26, 2022
However, the situation might soon change on BNB’s charts as the Money Flow Index (MFI) registered an uptick and was heading towards the overbought zone, increasing the chances of a price decline soon. Moreover, after going up, BNB’s On Balance Volume took a sideways route, which is a bearish signal.
Finally, the Exponential Moving Average (EMA) Ribbon revealed an ongoing tussle between the bulls and the bears. Who comes out victorious is a question only time will tell.
CryptoQuant’s data further underlined the tension as it revealed that BNB’s Relative Strength Index (RSI) was in an overbought position. This seemed to increase the chances of a trend reversal.
Are the metrics relief-worthy?
While BNB’s daily chart painted a bearish picture, on-chain metrics provided some relief as some of them were in BNB’s favor.
For instance, BNB’s FTX Funding Rate hiked over the last week, indicating higher interest from the derivatives market. Moreover, BNB’s negative sentiments also registered a decline – A positive signal.
BNB’s NFT space also performed positively as the total NFT trade counts in USD registered an uptick recently.
If market indicators like MFI choose to follow the opposite route, things can get even better for BNB in the coming days.