Following the back and forth of allegations and denials, Binance Coin [BNB] could be at the verge of a further decrease. This was because unexpected transfers from dormant addresses suddenly occurred in the wake of an open feud between Changpneng Zhao (CZ) and Sam Bankman-Fried (SBF). Interestingly, there was hardly a see-through of the impact […]
could signal holder readiness to sell-off long-term holdings. Hence, BNB could be on the verge of losing more of than the 3.38% 24-hour decrease. But are there signs that the exchange token could resist the selling possibility or not?Upon assessing the BNB on-chain data, it seemed that transactions may have some impact on the ecosystem. This was because the 90-day dormant circulation did not show glaring spikes.As compared to the circulation of 86,700 on 1 November, this was an obvious decline.
As for active addresses, it was a decrease from the number on 6 November. With the 24-hour active addresses diminishing to 4,678, it was obvious that there had been fewer successful transactions on the chain. Similarly, this implied that newly-created BNB addresses had held out against any buying and selling interaction.On the charts, BNB appeared to be struggling in between heading downwards and maintaining neutrality.
However, the Average Direction Index seemed to be offering some respite for buyers. This was because the ADX , despite showing strong directional movement, appeared to be considering the downside. Interestingly, it might seem that BNB had enough power to resist the reds. On evaluating the Exponential Moving Average , the four-chart maintained a chance for recovery. At press the 20 EMA positioned above the 50 EMA .
Hence, investors who feared a collapse could have a chance to enjoy an upturn from the previous decrease.Subscribe to get it daily in your inbox.
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Planning to go long on BNB Chain [BNB]? Read this to get a grip on the situationThe number of active addresses on the BNB chain continued to grow over the past 90 days, according to a tweet by BNB chain’s tweet of 6 November. This development could be attributed to BNB’s significant improvement on the social front. The road to mass adoption relies on a dedicated and active community.BNB pic.twitter.com/1pISQkukbz — […]
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