The coin of the Binance Chain ecosystem has recently entered Cryptorank.io’s ‘Most Visited Coins’ ranking.
Not only that, but the ecosystem has been experiencing notable developments that add a lot of value to the network.
For example, the BNB Chain partnered with SCDEVSTR. According to the official announcement, the cooperation will pull the instrumental community in the region closer to the network as together they continue to build Web3.
What’s BNB next move?
BNB’s on-chain indicators paint an unclear picture, as some suggested a price increase while others favored the sellers.
For example, the MVRV rate of BNB increased but then decreased on October 24. It can be seen as a pessimistic signal foreshadowing an expected decline. Moreover, BNB’s positive sentiment index after rising last week also slipped again.
However, BNB’s daily active address count was stable last week, showing a constant number of active users in the network, which is a positive signal.
While there are a number of on-chain indicators that support BNB, a look at the daily chart shows that investors should be careful. The Exponential Moving Average (EMA) Ribbon reflects the bears’ advantage in the market as the 55-day EMA is above the 20-day EMA.
However, the Relative Strength Index (RSI) has broken through the neutral zone and is currently at 63. The Chaikin Money Flow (CMF) also rose to 0.16 at press time, which is a bullish sign.
Interestingly, Bollinger Bands are currently trending sideways, showing that BNB’s price is unlikely to fall in the coming days.
*Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision.
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