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April 13, 2023
BNB posts light gains on a low-volatility day, ranging between $318.18 – $324.77 and is now at $324.6.
Although up today, early price action saw Binance Coin dropping below its 3 day Simple Moving Average at $319.97 — an early indicator that a new downward trend could be emerging. 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Bollinger Band® analysis indicates that current price action is approaching the upper band at $326.19, thereby suggesting that BNB is becoming overvalued. Binance Coin broke through the $322.7 resistance and climbed $1.9 above it.
Technical analysis of Binance Coin price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as FTX Token gained 9.54% and is currently trading at $1.36. Ethereum ascends 3.68% to trade around $1,989.63. Having closed the previous session at $0.084, Dogecoin is up 3.6% today to currently trade at around $0.087.
This year has been a bright one for Binance Coin after trading as low as $196.72 and going on to appreciate by 30.48% year to date. Binance Coin is currently trading with a market cap of 51.24 billion with an average daily volume of 506.18 million.
