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July 01, 2023
After ending the previous trading day at $240.42, Binance Coin went up to $248.22 only to drop back; still positive overall today, now trading at $248.22.
Trend and momentum analysis indicates that Binance Coin made an initial breakout above its 21 day Simple Moving Average at $240.45, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $250.71, thereby suggesting that BNB is becoming overvalued. Technical analysis of Binance Coin's past price action reveals multiple support and resistance levels: BNB price action is currently oscillating around the $244.7 resistance level with prices moving above and below several times during the session.
Overall, while BNB has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as FTX Token is up 9.54%.
Meanwhile, Bitcoin Cash falls 6.41% to trade around $287.07. Litecoin closed at $105.21 (down 3.22%).
BNB is now trading 23.95% below its 3-month high of $354.57. Binance Coin is currently trading with a market cap of 38.69 billion with an average daily volume of 562.33 million.
