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June 10, 2023Having ended the last trading session at $260.72, Binance Coin dropped to $233.41 today, hitting its lowest point in 5 months. Later, it recovered $3.06 and is now trading at $236.47.
Technical analysis shows that Binance Coin broke through the $256.13 support line and dropped $19.66 below it. Trend-focused traders would be interested to note 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, the Relative Strength Index indicates Binance Coin is in strong oversold condition. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $249.73, a low enough level to, generally, suggest that BNB is trading below its fair value.
All in all, the technical analysis suggests Binance Coin has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Cardano crashes 18.1% to trade around $0.242. Solana is down to $14.17, losing $3.2, after closing at $17.37 in the preceding trading session. Litecoin tumbles 14.36% to trade around $76.45.
Binance Coin has fallen back around 26.47% from the significant high of $354.57 set 7 months ago. BNB is currently trading with a market cap of 36.86 billion with an average daily volume of 459.36 million.
