- BNB’s Ichimoku cloud indicated a possible bull rally on the coin’s monthly chart.
- Short-term technical indicators remained bearish.
Like most cryptos, Binance coin [BNB] witnessed a major price correction in the last 24 hours. However, if any indicator is to be believed, investors could witness BNB’s daily chart turning bullish soon.
BNB on a rollercoaster ride
According to CoinMarketCapthe price of BNB has risen by more than 8% in the past seven days. But the past 24 hours have been disastrous, as the currency’s value plummeted by more than 7%.
At the time of writing, BNB was trading at $572.94 with a market cap of over $85 billion, making it the fourth largest cryptocurrency.
While this looked bearish, Ichimoku Cloud, a technical indicator, showed a crossover.
For the uninitiated, the Ichimoku Cloud is a collection of technical indicators that display support and resistance levels along with trend directions.
As the cloud (crossover) forms towards the last candlestick, it gives off a bullish idea.
At the time of writing, the indicator suggested a strong bullish move in the coming months, which could help the coin reach new highs.
Source: TradingView
What can you expect in the short term?
With things looking optimistic in the long term, AMBCrypto checked BNB’s press time status to see what we could expect in the near term.
Our analysis of Santiment’s data showed that BNB’s Open Interest had fallen at the time of writing. This indicated that there were chances of a trend reversal.
The altcoin’s Funding Rate had also fallen, meaning Futures investors were not actively buying the coin at the time of writing.
Source: Santiment
However, technical indicators remained bearish. It is striking that the Relative Strength Index (RSI) registered a decline. The Money Flow Index (MFI) also fell, showing the likelihood of a continued price decline.
Source: TradingView
Network activity is high
While the price of the coin moved in both directions, the blockchain’s network activity remained high.
AMBCryto’s analysis of Artemis data found that the Binance network’s daily active addresses have increased over the past month. As a result, the blockchain’s daily transactions also remained relatively high.
Source: Artemis
It was interesting to note that BNB Chain’s GameFi ecosystem was also growing. Dune’s’ facts pointed out that the number of BNB Chain GameFi users peaked in January and February.
The number of returning users also remained high, reflecting high adoption and usage.
Source: Dune
Read Binance Coins [BNB] Price prediction 2024-25
Things could get even better for the blockchain’s GameFi ecosystem, thanks to a new integration. BNB Chain recently announced that the blockchain has Gamehash AI on board.
The new partnership could help attract new users and help the blockchain GameFi space flourish.