Could the waning enthusiasm of BNB make them rethink their investments in 2023

  • BNB has released its weekly stats and star list for the month of December
  • Metrics showed signs of recovery, but the indicators were against a rally

Binance coin [BNB] It recently released its weekly stats, noting the network’s performance over the past seven days. The National Bank of Bahrain revealed that its weekly transactions exceeded 16 million, and its average daily transactions exceeded 2.7 million.

BNB also announced its stars in December, who achieved new benchmarks and completed new launches on the BNB Chain. The list mentioned Lifeform, which has created more than 200,000 avatars with more than 131,000 holders. BNB also included Hooked in the list as it has over 3 million active users.

Read Binance coins [BNB] predict the price 2023-24

But BNB has been sluggish

Surprisingly, BNB did not respond to these updates and posted a poor performance for the week as its price fell by 1.17% in the past seven days. According to CoinMarketCap, at the time of writing, BNB was trading at $245.09 with a market capitalization of over $39.2 billion.

However, BNB showed signs of recovery on its metric front, creating the possibility of a trend reversal in the coming days. For example, the BNB market capitalization to realized value (MVRV) recorded a slight increase in the past week, which looks bullish.

The daily active BNB addresses also increased on December 21, reflecting the large number of users on the network. Despite this, BNB Velocity has chosen to follow the opposite path, which may limit the BNB price infusion.

Source: feeling

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Tough place to live…

Although the metrics looked optimistic BNBA look at the daily chart revealed the opposite, as most of the market indicators were bearish. The EMA bar indicated that the bears had an advantage in the market as the 20-day EMA was below the 55-day EMA.

BNB’s Relative Strength Index (RSI) and Money Flow Index (MFI) also held below the neutral level. This can be seen as an advantage for the seller. Chaikin Money Flow (CMF) provided some relief as it posted a slight rally and headed toward neutral.

Source: TradingView

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