Can Binance Coin’s [BNB] increased adoption help it beat the bears?

FCF Pay announced that it will accept BNB for virtual prepaid debit cards. Metrics remain bullish, but market indicators gave reasons for concern. Binance Coin [BNB] posted its weekly metrics on 4 February, mentioning a few of the chain’s notable statistics. As per the latest data, BNB’s weekly transactions exceeded 17 million, while the daily […]

Source: Santiment

Demand from the futures market also remained high as BNB’s Binance funding rate spiked. However, BNB’s velocity went down during the last few days of the week. BNB’s social volume also followed the velocity and registered a decline, suggesting that the crypto’s popularity declined. Interestingly, Binance Coin’s NFT ecosystem witnessed growth, which was evident from Santiment’s chart.BNB market cap in BTC’s termsThough the last week remained in buyers’ favor, things might change soon as BNB’s daily chart suggested that the bears had arrived. For instance,Money Flow Index was in the overbought zone, which might increase selling pressure and result in a price decline. The Chaikin Money Flow registered a slight decline from the neutral mark, which was also bearish.

Additionally, Binance Coin’s Relative Strength Index was supporting the bears as it was hovering right near the overbought zone. Nonetheless, the Exponential Moving Average Ribbon gave a slight hope for a continued uptrend as the 20-day EMA was resting above the 55-day EMA.Subscribe to get it daily in your inbox.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin records uptick as whales return: What this means for the king coinBitcoin saw over 50,000 in Coin Days Destroyed. The Aroon indicator, however, pointed to the absence of pending price reversal. There are indications that Bitcoin’s [BTC] recovery remained active at press time, and that it may soon surpass the $23,000 price level. The fact that these transactions appeared to be increasing suggested that it was […]
Read more »

Bitcoin [BTC]: The rest of the month may not be fruitful, here is whyBTC’s Realized Capitalization showed that the leading coin is now overbought. On-chain assessment hints at a price drawback in the coming days. According to CryptoQuant analyst Axel Adler Jr, due to the bullish nature of the general cryptocurrency market since the year began, the Realized Capitalization metric for many assets grew significantly in the past […]
Read more »

Bulls and Bears: Relief that Herdman is returning as Canadian men's soccer coachFor the third consecutive week there was nothing hotter nor bigger in the business of sport than the NFL.
Read more »

BEC Bears, Riverview Ravens advance to semifinal games at New Waterford Coal Bowl Classic Friday evening | SaltWireNEW WATERFORD, N.S. – A pair of Cape Breton high school basketball teams are heading to the semifinal games of the New Waterford Coal Bowl Classic on ...
Read more »

Synthetix V3 development: All about the debt pool, legacy market, and moreSynthetix is set to roll out its V3 feature soon. SNX faced a resistance wall as the bears attempted an assault. The crypto market has demonstrated a healthy recovery since January 2023, and, as a result, there has been increased activity in the DeFi world. Synthetix is among the companies that are capitalizing on this […]
Read more »

Sentiment in gold market continues to cool as prices end the week down 3.5%Bulls or Bears? Wall Street vs. Main Street puts together leading analysts and regular metals investors to find out where they think gold is headed next week. Picked up and quoted by other leading news organizations, this feature has become a cornerstone for the industry and an indicative benchmark.
Read more »