Bearish Binance Coin currently $17 lower after trading as high as $343.5

Binance Coin is sharply lower after losing $17, declining as low as $325.96.

Binance Coin made an initial break below its 10 day Simple Moving Average at $329.05, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $338.9, market bears have earmarked $315.27 as the next downside target. Binance Coin's upper Bollinger Band® is at $344.11 which indicates a further downward move may follow. BNB could begin to recover as it approaches significant support, now $11.61 away from $337.57. Dipping below could be an indication that further losses are ahead. Despite this, 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.

In the short term, BNB is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, Litecoin closed at $93.32 (down 8.31%). EOS is down $0.102 from the beginning of the session and now trades around $1.12. Ripple closed at $0.494 (down 7.3%).

This year has been a bright one for Binance Coin after trading as low as $196.72 and going on to appreciate by 40.24% year to date. BNB is currently trading with a market cap of 50.81 billion with an average daily volume of 628.72 million.