Binance coins can [BNB] Increased adoption helps her beat the bears?

  • FCF Pay has announced that they will accept BNB for prepaid virtual debit cards.
  • The stats remain bullish, but market indicators are cause for concern.

Binance coin [BNB] It released its weekly stats on February 4 and mentioned some notable stats for the series. According to the latest data, the weekly transactions of the National Bank of Bahrain exceeded 17 million transactions, while the daily average of transactions remained at 2.87 million. In addition, the average number of weekly and daily users was 2.78 million and 829 thousand, respectively.

is reading Binance coins [BNB] predict the price 2023-24

Not only that, but another interesting development has been reflected in the increased adoption of BNB. FCF Pay, a blockchain payment system, has announced that it will accept BNB for prepaid virtual debit cards.

The bulls dominated the week

BNB price action remained bullish last week posting gains. according to CoinMarketCapBNB price is up 6% in the past 7 days and at the time of writing it is trading at $329.58 with a market capitalization of over $52 billion.

BNBMVRV has increased in recent days, which may have played a role in increasing its value. In addition, data from LunarCrush revealed that BNB’s market dominance has also increased by nearly 3% in the past week.

Source: feeling

Demand from the futures market also remained high with BNB’s Binance funding picking up. However, the speed of BNB slowed down in the last few days of the week. BNB social volume also followed the average and recorded a decrease, indicating that the popularity of the cryptocurrency is declining.

Interestingly, the Binance Coin NFT ecosystem has seen growth, as evidenced by the Santiment chart. BNBTotal NFT trading and total USD NFT trading volume increased last week.

Source: feeling

Realistic or not, here it is BNB market cap in BTC terms

BNB favors bears

Although the past week has remained in favor of the buyers, things may change soon as the daily chart of BNB has indicated the arrival of the bears. For example, BNB’s The Money Flow Index (MFI) was overbought, which could increase selling pressure and drive prices lower. Chaikin Money Flow (CMF) posted a slight decline from the neutral mark, which was also bearish.

Additionally, the Binance coin’s Relative Strength Index (RSI) supported the bears as it hovered near the overbought region. However, the exponential moving average (EMA) range gave some hope for the upside to continue as the 20-day EMA held above the 55-day EMA.

Source: TradingView

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