Bearish BNB currently $6.83 lower after trading as low as $265.91

Binance Coin is grinding lower from $276.92 to $270.09, shedding $6.83 (2.47%) today.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Binance Coin's case, the RSI has fallen below 30, indicating the asset is oversold. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $272.34, a low enough level to, generally, suggest that Binance Coin is trading below its fair value. Chart analysis indicates Binance Coin could begin to recover as it approaches significant support, now $2.94 away from $267.15. Dipping below could be an indication that further losses are ahead.

Overall, the technical outlook suggests BNB is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Litecoin dips 8.08% to trade around $70.57. After ending today's session at $0.059, TRON lost $0.002 and is trading around $0.057.

Other assets are showing positive performances as FTX Token is up 9.54% to $1.36.

BNB reached a significant high of $451.27 around 11 months ago but has lost 38.64% since then. BNB is currently trading with a market cap of 42.65 billion with an average daily volume of 418.20 million.