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April 18, 2023Tentatively higher from an earlier low of $337.86, Binance Coin is up to $345.82 today, adding $5.82, or 1.71%, to today's closing price of $340.
A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Despite posting gains so far today, BNB slid below its 3 day Simple Moving Average at $336.53 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $344.75, thereby suggesting that Binance Coin is becoming overvalued. Binance Coin is $2.68 away from testing key resistance at $348.5. Peaking above this level could inspire market bulls and open the path to further gains.
Technical analysis suggests there could be an imminent reversal for BNB.
Other markets are also showing gains as FTX Token gained 9.54% and is currently trading at $1.36. Having closed the previous session at $8.17, Chainlink USD is up 6.6% today to currently trade at around $8.71. Bitcoin is up 3.27%.
This year has been a bright one for Binance Coin after trading as low as $196.72 and going on to appreciate by 40.04% year to date. Binance Coin has a market cap of 53.90 billion with an average daily volume of 617.19 million.
