New Upgrades and Network Information

The most recent edition of Binance Coin’s (BNB) weekly report was released a while ago. This report covered all the main happenings in the Binance Coin ecosystem during the past week. Not only were there new upgrades, but the report also included the most recent information about the network. 

For example, over the previous week, there were 2.62 million transactions completed every day on average. It has been reported that the weekly average user count was 2.48 million during the last week, and the daily average user count was 761k.

Other developments from the report

In addition, the Joespegs NFT marketplace was noted in the blog as having debuted on BNB. This was a beneficial upgrade for BNB since it would assist the organization in further expanding its NFT ecosystem.

Interestingly, the graphic provided by Santiment shows that BNB’s NFT space did increase over the last week. Over the last week, there was a rise in the total number of NFT trades and the NFT transaction volume measured in USD.

The performance of BNB regarding the measures also continued to be favorable to investors. For instance, the MVRV Ratio for the coin showed an increase, which indicated that positive sentiment prevailed.

During the last few days, there has been an increase in optimistic feelings toward BNB, showing investors’ trust in the currency. Moreover, the financing rates for the alternative currency shot up significantly during the last week, demonstrating the futures market’s strong desire for it. Even if BNB’s velocity remained modest, it significantly increased on January 29th, 2023.

What do the charts say?

Even though the metrics were optimistic, BNB’s daily chart showed that the going would become tougher shortly. The Bollinger Bands indicated that the price of BNB was moving towards a compressed zone, which lowers the probability of a northward breakout.

Source: Trading view

The Relative Strength Index (RSI) was moving closer and closer to the zone, which indicates overbuying. In addition, the MACD showed that the bulls and the bears are now engaged in a battle.

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