- FCF Pay introduced that it’s going to settle for BNB for digital pay as you go debit playing cards.
- Metrics stay bullish, however market indicators gave causes for concern.
Binance Coin [BNB] posted its weekly metrics on 4 February, mentioning a couple of of the chain’s notable statistics. As per the most recent knowledge, BNB’s weekly transactions exceeded 17 million, whereas the each day common transaction remained at 2.87 million. Moreover, its weekly and each day common customers stood at 2.78 million and 829k, respectively.
BNB Chain Key Metrics at a look 👀
🔸Thousands and thousands of Weekly Energetic Customers
🔸Thousands and thousands of Day by day Transactions
🔸Low fuel charges, like REALLY low pic.twitter.com/veH0a7p514
— BNB Chain (@BNBCHAIN) February 4, 2023
Learn Binance Coin’s [BNB] Price Prediction 2023-24
Not solely this, however one other attention-grabbing improvement mirrored upon the elevated adoption of BNB. FCF Pay, a blockchain cost system, introduced that it’s going to settle for BNB for digital pay as you go debit playing cards.
#BNB now accepted for digital pay as you go debit playing cards! 🪙💳
💰 $5000 restrict
🚫 No ID required
— FCF PAY – Blockchain Fee System (@fcfpay) February 3, 2023
Bulls dominated the week
BNB’s worth motion remained bullish final week because it registered beneficial properties. In response to CoinMarketCap, BNB’s worth elevated by 6% within the final seven days, and on the time of writing, it was buying and selling at $329.58 with a market capitalization of over $52 billion.
BNB’s MVRV Ratio went up in the previous few days, which could have performed a job in growing its worth. Furthermore, LunarCrush’s data revealed that BNB’s market dominance additionally elevated by almost 3% prior to now week.
Demand from the futures market additionally remained excessive as BNB’s Binance funding fee spiked. Nonetheless, BNB’s velocity went down throughout the previous few days of the week. BNB’s social quantity additionally adopted the rate and registered a decline, suggesting that the crypto’s reputation declined.
Curiously, Binance Coin’s NFT ecosystem witnessed development, which was evident from Santiment’s chart. BNB’s whole NFT commerce counts and whole NFT commerce quantity in USD elevated final week.
Reasonable or not, right here’s BNB market cap in BTC’s terms
BNB favors the bears
Although the final week remained in consumers’ favor, issues would possibly change quickly as BNB’s each day chart advised that the bears had arrived. As an illustration, BNB’s Cash Stream Index (MFI) was within the overbought zone, which could enhance promoting stress and end in a worth decline. The Chaikin Cash Stream (CMF) registered a slight decline from the impartial mark, which was additionally bearish.
Moreover, Binance Coin’s Relative Power Index (RSI) was supporting the bears because it was hovering proper close to the overbought zone. Nonetheless, the Exponential Shifting Common (EMA) Ribbon gave a slight hope for a continued uptrend because the 20-day EMA was resting above the 55-day EMA.