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

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

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CryptoAmb /  🏆 22. in CA

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