BNB has been falling since the FUD around the Binance exchange
However, the usefulness of BNB is assured as more users use the BNB chain

The Binance [BNB] exchange has taken place topic to Fear, Uncertainty, and Doubt (FUD), which contributed to BNB’s recent price drop. Despite this, the BNB chain has been extremely busy.

– Read Binance Coins [BNB] Price Forecast 2023-24

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The activity of this chain stood out as compared to others, and it may form the basis for the eventual resurgence of the BNB chain. When and how can this happen and what is the relationship between the BNB chain and the BNB token?

Can Binance’s Daily Active Users Help BNB’s Rally?

Statistics from the Token Terminal showed that the number of people using the BNB chain on a daily basis was steadily increasing. According to the figures, the company attracted more than a million customers every day. Since BNB tokens are used in all chain transactions, their value will always be backed by the underlying blockchain technology.

For this reason, the currency can now serve a purpose beyond just a store of wealth.

In addition, another metric that could be gathered was the fees paid by these users. While the fees seemed to have dropped due to the changes in the token’s value, it indicated embedded utility. This implied that the token will always be valued as the chain would continue. This applied to both the token and its holders.

Source: Token Terminal

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BNB rallies, but still bearish

BNB’s daily timeframe chart revealed that the token has started to bounce back from its initial slump. At the time of writing, it was trading at around $246, up 1% from the previous trading period and 6% from the previous 48 hours. The token was still volatile at the time, as evidenced by a look at the Bollinger Bands (BB). In addition, the line of the Relative Strength Index (RSI) indicated that despite the rebound, the overall trend of the token was still bearish.

Source: TradingView





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