spot_imgspot_imgspot_img

BNB Ecosystem Maintains its Strength, but the Situation Doesn’t Look Good for BNB Price

  • BNB Chain, facing intense competition and market volatility, has taken the third place in terms of Total Value Locked (TVL).
  • There has been a decrease in BNB’s TVL in 2023. BNB Chain’s TVL has experienced a slight decrease of 3.2% since the beginning of the year.
  • The Market Value to Realized Value (MVRV) ratio, which indicates that the majority of BNB holding addresses are at a loss, shows that there is less selling pressure on BNB.

BNB has suffered a major blow after SEC’s actions against Binance exchange, but it continues to maintain its position among DeFi protocols.

BNB Ecosystem Solidifying Its Position

BNB

The lawsuit filed by SEC against Binance exchange and its founder CZ has negatively affected both the protocol and the token. However, the BNB ecosystem has shown resilience and maintained its dominance in the industry.

BNB Chain, facing intense competition and market volatility, has taken the third place in terms of Total Value Locked (TVL). In particular, BNB Chain ranks third among blockchain ecosystems with TVL exceeding 100 million dollars. This further highlights how it has survived despite market uncertainty.

chains-tvl

A significant portion of the contribution to TVL comes from DeFi dApps on the BNB network. All of the top five protocols on BNB Chain belong to the DeFi sector, representing an impressive 69.8% of the total TVL.

However, there has been a decrease in BNB’s TVL in 2023. BNB Chain’s TVL has experienced a slight decrease of 3.2% since the beginning of the year. This decrease is attributed to the decrease in TVL on Pancake Swap and Wombat, indicating an ongoing adjustment process for BNB’s dApps.

While BNB’s DeFi sector is relatively unaffected by market uncertainty, the same cannot be said for the price of BNB token.

BNB Prices Continue to Decline

The price of BNB token has decreased by 26.16% since May 29. It also showed a downward trend until testing the support level of $219.9 on June 10. After that, BNB entered a consolidation period and fluctuated between the levels of $257 and $219.

In the past few days, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) have been quite high. This indicates that momentum and money flow are currently in favor of bulls. Although a bullish trend has not been established yet, there may be a chance for an upward movement in the future if the price retests and weakens the $257 level.

Additionally, the Market Value to Realized Value (MVRV) ratio, which indicates that the majority of BNB holding addresses are at a loss, shows that there is less selling pressure on BNB. This indicates that there is currently less selling pressure on BNB.

bnb-mvrv-ratio

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin and Altcoin Investment Products Witness $5.7 Billion Inflow!

Bitcoin and cryptocurrency investment products recorded a massive influx of funds, with increasing demand for Spot Bitcoin ETFs leading the way!

MicroStrategy Acquires 3,000 Bitcoin: Latest Status of the Company’s Assets!

Michael Saylor announced that MicroStrategy company purchased Bitcoin. The company's total assets exceeded 190K BTC.

Historic $1.3 Billion Bitcoin Transaction Sparks Debate on Crypto Valuation

A recent colossal Bitcoin transaction has reignited discussions about Bitcoin's valuation, comparing historical trades and pondering the future of currencies in the digital age.

Ethereum Dencun Upgrade is Approaching: Which Layer 2 Tokens Stand Out?

With Ethereum's Dencun upgrade approaching, tokens of Layer-2 DeFi platforms on Ethereum have started to gain attention.

A Massive Transfer of XRP Tokens is Occurring: Will XRP Price be Suppressed?

Based on blockchain transactions, more than 400 million XRP tokens were moved today. Will XRP price drop further?
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin and Altcoin Investment Products Witness $5.7 Billion Inflow!

Bitcoin and cryptocurrency investment products recorded a massive influx of funds, with increasing demand for Spot Bitcoin ETFs leading the way!

MicroStrategy Acquires 3,000 Bitcoin: Latest Status of the Company’s Assets!

Michael Saylor announced that MicroStrategy company purchased Bitcoin. The company's total assets exceeded 190K BTC.

Historic $1.3 Billion Bitcoin Transaction Sparks Debate on Crypto Valuation

A recent colossal Bitcoin transaction has reignited discussions about Bitcoin's valuation, comparing historical trades and pondering the future of currencies in the digital age.