Altcoin

Could BNB’s diminishing enthusiasm have investors rethink their 2023 investments

Published

2 years ago

on

Source: StockAI

  • BNB released its weekly stats and December stars list 
  • Metrics showed signs of recovery but indicators were against a price surge 

Binance Coin [BNB] recently released its weekly stats, pointing out how the network performed over the last seven days. BNB revealed that its weekly transactions exceeded 16 million, and its daily average transactions were more than 2.7 million. 

BNB also announced its December stars, which hit new metrics targets and conducted new launches on the BNB Chain. The list mentioned Lifeform, which minted over 200,000 avatars with more than 131,000 holders. BNB

also included Hooked on the list as it had more than 3 million active users. 

Read Binance Coin’s [BNB] Price Prediction

2023-24

But BNB remained sluggish 

Surprisingly, BNB did not respond to these updates and registered a poor performance over the week as its price declined by 1.17% in the last seven days. As per CoinMarketCap, at the time of writing, BNB was trading at $245.09 with a market capitalization of more than $39.2 billion. 

However, BNB showed signs of recovery on its metrics front, which set up the opportunity for a trend reversal in the coming days. For instance, BNB’s Market Value to Realized Value (MVRV) Ratio registered an uptick during the last week, which looked bullish.

BNB’s daily active addresses also spiked on 21 December, reflecting the high number of users in the network. Nonetheless, BNB’s velocity chose to follow the opposite route, which can restrict BNB’s price from pumping. 

Source: Santiment

How many BNBs can you get for $1?

A tough spot to be in…

Though the metrics looked optimistic for BNB, a look at its daily chart revealed the opposite story, as most of the market indicators were bearish. The Exponential Moving Average (EMA) Ribbon pointed out that the bears had an advantage in the market as the 20-day EMA was below the 55-day EMA.

BNB’s Relative Strength Index (RSI) and Money Flow Index (MFI) were also resting way below the neutral mark. This could be taken as a sellers’ advantage. The Chaikin Money Flow (CMF) provided some relief as it registered a slight uptick and headed towards the neutral position.

Source: TradingView

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