Journalist
Posted:
- BNB Chain has added a number of dApps to its portfolio.
- BNB’s weekly chart remained in the red, and market indicators supported the bears.
Binances [BNB] Former CEO Changpeng Zhao (CZ) resigned a few days ago, which caused many problems BNB chain. Not only did the price of BNB drop, but the blockchain’s overall network activity also took a hit.
However, as development around the blockchain continued, several new dApps were launched that could help turn the situation around.
The CZ episode in a nutshell
If reported previously by AMBCrypto, BNB was recently thrust into the spotlight when its CEO, CZ, submitted his resignation as part of the $4 billion settlement between US regulators. The effects of this episode are still clearly visible.
In particular, AMBCrypto’s analysis of Artemis’ facts revealed that both BNB Chain’s daily active addresses and daily transactions have fallen sharply in recent days.
Source: Artemis
The state of the blockchain in terms of value captured also took a hit, as BNB’s TVL recorded a sharp decline. Furthermore, BNB’s fees and revenues have also declined in the recent past.
However, BNB Chain has launched a few new dApps, which could help turn the table in the blockchain’s favor in the coming weeks.
New projects on BNB Keten this week đź‘€https://t.co/bc2FlQX0FY
— BNB Chain (@BNBCHAIN) November 26, 2023
As evidenced by a recent post by BNB Chain has added six new dApps to its extensive blockchain portfolio. The dApps operate in multiple spaces, such as Gaming, SocialFi and Infrastructure.
According to the post, the newly added dApps include Dechat, ScarQuest, Sekuya, SinVerse, Ramper and BinaryX. The addition of these dApps could help bring new users to the network and help offset BNB Chain’s declining network activity in the coming weeks.
BNB Chain Investors Face Loss
Like the blockchain’s network activity, the price action also failed to pick up the pace. According to CoinMarketCap, BNB has fallen by more than 6% in the past seven days. It was trading at $230.92 at the time of writing, with a market cap of over $35 billion.
Read Binance Coins [BNB] Price prediction 2023-24
AMBCrypto’s analysis of BNB‘s daily chart revealed several bearish market indicators; the MACD clearly showed a bearish advantage in the market. The Chaikin Money Flow (CMF) and the Money Flow Index (MFI) both remained well below the neutral limit.
Therefore, it was likely that investors could witness a further decline in prices. However, if the MFI enters the oversold zone, it could increase buying pressure and cause a trend reversal.
Source: TradingView