- BNB outperformed Ethereum in terms of TVL
- BNB’s latest partnership in the GameFi space could give BNB a much-needed push
Binance Coin [BNB] outperformed Ethereum [ETH] yet again in terms of its total value locked (TVL). According to BNB’s official tweet, its TVL increased slightly this quarter at 8.22%, compared to Ethereum’s increase of 0.45%.
TVL increased slightly this quarter at 8.22%, compared to Ethereum’s increase of 0.45%.
[11/12] pic.twitter.com/ec1bl4wlAo
— BNB Chain (@BNBCHAIN) December 11, 2022
While BNB’s TVL took a northward route, the coin’s price action was not up to the mark as it registered negative 5% seven day gains. According to CoinMarketCap, at press time, BNB was trading at $281.38 with a market capitalization of more than $45 billion.
However, the scenario might soon change in favor of BNB, as CryptoQuant’s data revealed a major bullish signal.
Read Binance Coin’s [BNB] price prediction 2023-2024
Assessing the state of BNB
As per data from CryptoQuant, BNB’s stochastic was in an oversold position, suggesting the possibility of a trend reversal. Furthermore, BNB’s partnership with LitLab Games could push the BNB token on the price front.
📢 @LitLabGames announced a partnership with @BNBCHAIN to boost the game development into the blockchain ecosystem!
LitLab Games is the first Esports developer & publisher launching games backed by blockchain technology with a #Crypto-based economy.#BNB #BSC #Web3 $LITT $BNB pic.twitter.com/6sPOzb002h
— BNB Swap (@BNBSwap) December 11, 2022
Data from on-chain intelligence platform Santiment also favored BNB, and inclined towards investors’ interests. BNB’s Market Value to Realized Value (MVRV) Ratio was considerably lower, possibly indicating a market bottom.
BNB also remained popular in the crypto space as its social volume spiked last week. Nonetheless, BNB’s velocity chose to move southward, which might be concerning.
Source: Santiment
Does BNB run with the bulls?
BNB’s daily chart revealed that the bulls and the bears were fighting to beat each other. For instance, the 20-day Exponential Moving Average (EMA) and the 55-day EMA were closely knit, displaying an on-going tussle.
The same was the case with the Moving Average Convergence Divergence (MACD). The indicator was similar to that of the EMA Ribbon. BNB’s Chaikin Money Flow (CMF) registered a slight decline, which was a bearish signal.
However, the Money Flow Index (MFI) saw a rebound and was headed upward. This suggested a possible trend reversal in the days to follow.
Source: TradingView
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