Regarding daily active addresses, Binance Coin [BNB] surpassed the king of cryptocurrencies, Ethereum [ETH], by a wide margin. According to CoinMarketCap, BNB has over 815,000 daily active users, whereas Ethereum and Polygon [MATIC] have 344,000 and 277,000, respectively.
The fact that BNB had such a significant lead in DAU was excellent news for the blockchain since it represented BNB’s rising usage and popularity. Data from Dune Analytics, on the other hand, suggested that BNB’s DAU has been falling in recent months.
Not only did DAU fall, but BNB’s NFT space also saw a comparable reduction in monthly NFT traffic. Furthermore, despite BNB’s cheap gas charge, the network’s gas use has decreased in recent weeks.
Despite declines in numerous areas, BNB’s metrics performance did not appear to be much harmed. For example, BNB’s MVRV Ratio increased significantly last week, allowing the company to raise its price by 6% in the previous seven days.
Last week, BNB’s social volume increased, showing its appeal in crypto. Furthermore, the supply held by top addresses increased somewhat, indicating whales’ faith in BNB. However, BNB’s velocity was worrying since it had dropped precipitously recently.
Though the Sentiments chart displayed several positive measures, CryptoQuant noted that BNB’s Relative Strength Index (RSI) and Stochastic were both overbought, which might boost selling pressure in the coming days.
BNB was trading at $330.52 as of press time, with a market value of more than $52.1 billion. It also linked the objectives of a few other market indicators with those of the bears.
The MACD indicated the probability of a bearish crossing occurring shortly. In addition, BNB’s Money Flow Index (MFI) was trending lower, raising the likelihood of a price decrease in the following days. The rest, on the other hand, appeared bullish and projected a continuation of the upswing.
For example, the Chaikin Money Flow (CMF) increased a positive development for purchasers. Another encouraging sign was the considerably higher On Balance Volume (OBV). The Exponential Moving Average (EMA) Ribbon also stayed buoyant, with the 20-day EMA above the 55-day EMA.
