Could BNB’s waning enthusiasm cause investors to rethink their 2023 investments?

  • BNB has released its weekly stats and star list for December
  • Metrics showed signs of recovery but indicators were against a price spike

Binance Coin [BNB] recently released its weekly stats, highlighting the network’s performance over the past seven days. BNB revealed that its weekly transactions exceeded 16 million and its average daily transactions exceeded 2.7 million.

BNB also announced its December Stars, which achieved new metrics targets and made new launches on the BNB Channel. The list mentioned Lifeform, which has created over 200,000 avatars with over 131,000 owners. BNB also included Hooked on the list as it had over 3 million active users.

Read Binance Coins [BNB] Price prediction 2023-24

But BNB remained sluggish

Surprisingly, BNB failed to respond to these updates and performed poorly over the week, with its price dropping 1.17% over the past seven days. According to CoinMarketCap, at the time of writing, BNB is trading at $245.09 with a market cap of over $39.2 billion.

However, BNB showed signs of recovery on its metrics front, which paved the way for a trend reversal in the coming days. For example, BNB’s Market Value to Realized Value (MVRV) ratio saw a slight uptick over the past week, which looked bullish.

BNB’s daily active addresses also increased on December 21, reflecting the high number of users on the network. Nevertheless, the velocity of BNB has chosen to go the opposite way, which may prevent the price of BNB from pumping.

Source: Santiment

How much BNBs can you get for $1?

A difficult place to live…

Although the measurements seemed optimistic for BNB, a look at its daily chart revealed otherwise, as most market indicators were bearish. The exponential moving average (EMA) ribbon highlighted that the bears had an advantage in the market as the 20-day EMA was lower than the 55-day EMA.

The BNB’s Relative Strength Index (RSI) and Money Flow Index (MFI) were also well below the neutral mark. This could be seen as an advantage for sellers. The Chaikin Money Flow (CMF) provided some relief as it recorded a slight rise and headed towards the neutral position.

Source: Trading View

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