Binance Coin down $2.25, closing at $304.75, for its 4th straight negative day

BNB drops $2.25 early on and steadies around the $304.75 level.

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. Binance Coin's upper Bollinger Band® is at $315.81 which indicates a further downward move may follow. In contrast, BNB could begin to recover as it approaches significant support, now $1.32 away from $303.43. Dipping below could be an indication that further losses are ahead.

Looking forward, BNB is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other markets, Ripple closed at $0.505 (down 2.24%). Cardano is down to $0.365, losing $0.01, after closing at $0.375 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36.

Binance Coin has gained 25.21% since its lowest print of $196.72 earlier this year. Binance Coin is currently trading with a market cap of 47.50 billion with an average daily volume of 405.42 million.