Binances (BNB) recently launched Binance Oracle has gained huge popularity with many new projects joining the program. In fact, according to the latest crypto exchange tweet, 10 new projects on the BNB chain have joined the Early Bird program.
– BNB Chain (BNBCHAIN) October 26 2022
Binance Oracle is a data service offered by the company as it aims to provide the blockchain with reliable and secure data on the chain. That’s not all as BNB Chain recently set a milestone to become the first in the industry with 200 million unique addresses.
BNB Chain records its first industry, with 200 million unique addresses 🎉
– BNB Chain (BNBCHAIN) October 25 2022
sSurprisingly, Santiment data showed that despite these updates, BNB development activity has been dead for more than a week.
still, BNBThe price chart was consistent with positive updates, posting more than 7% weekly gain. But thanks to this slowdown in development activity and market indicators that are not in its favour, can BNB sustain its growth?
Here AMBCryptos BNB . Price Forecast for 2023-24
Is this difficult?
Interestingly, BNB was among the top BNB Chain projects in terms of social activity on October 26 – a sign of the altcoin’s popularity in the crypto space.
⚡️ Tweet embed #BBChain Ecosystem currencies by social activity
October 26 2022SPKY Dollars TTC . dollar QUACK dollars $ . cake # Baby Fluky $ BNB Dollars #BNB MONSTA dollars Yoshi $ Kipa Dollars pic.twitter.com/Ng0YukQIu9
– 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (Crypto_Dep) October 26 2022
But the situation may change soon BNBThe chart where the Money Flow Index (MFI) is higher and is heading towards the overbought territory, increasing the chances of a price drop soon. Also, after the rally, BNB On Balance took a sideways road, which is a bearish signal.
Finally, the exponential moving average (EMA) range revealed an ongoing battle between bulls and bears. Who will emerge victorious is a question that only time will tell you.
CryptoQuant data Further underlining the tension, it revealed that the NBB’s Relative Strength Index (RSI) was in overbought mode. This seems to increase the chances of a trend reversal.
Are the measurements worth relaxing?
While BNBThe daily chart painted a bearish picture, and the on-chain metrics offered some relief as some were in favor of BNB.
For example, BNB raised its FTX funding price last week, indicating increased interest from the derivatives market. In addition, negative sentiment for BNB also registered a dip – a positive sign.
BNBThe NFT space has also developed positively as the total number of NFT deals in USD has been on the rise recently.
If market indices like the MFI choose to follow the opposite path, it may be better for BNB in the coming days.