Binance Coin cryptocurrency trades up $1.79, approximately 0.78% higher this morning

Binance Coin trades at $232.48 after gaining $1.79 (0.78%).

Technical analysis trend indicators suggest 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. Price action overcame a known Fibonacci resistance level at $231.3 by around $1.18 with prices hammering out a $230.69 – $232.94 session range. Analysis based on the asset volatility indicates that Binance Coin's lower Bollinger Band® is at $229.06, indicating that the market is oversold and fertile for new buyers. As the day gets underway, chart analysis suggests Binance Coin could be slowing down soon as it approaches resistance at $236.53. Of course, crossing it might suggest further gains are ahead.

With market volatility ebbing, the current technical outlook indicates Binance Coin will remain range-bound for the immediate future.

Other markets are also showing gains as FTX Token rallies 9.54% to trade around $1.36. Bitcoin Cash added 1.39% to its value, now trading at $228.38. Having closed the previous session at $0.267, Cardano is up 1.55% today to currently trade at around $0.271.

Binance Coin has shed 26.62% over the past three months. Binance Coin has a market cap of 36.23 billion with an average daily volume of 567.17 million.