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June 06, 2023Slightly weaker but mostly flat: BNB is currently trading at $275.9 as it maintains an active range between $275.4 and $279.62.
Chart analysis suggests Binance Coin could begin to recover as it approaches significant support, now $12.33 away from $263.57. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note 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. According to momentum evaluation, the Relative Strength Index indicates Binance Coin is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that BNB's lower Bollinger Band® is at $284.9, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests BNB is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, MaticNetwork USD slips 3.23% to trade around $0.809. After ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Other assets are showing positive performances as FTX Token surges 9.54% to trade around $1.36.
Approximately 7 months ago, Binance Coin reached a significant high of $354.57 but has struggled to hold onto its gains and declined 21.83% since then. Binance Coin is currently trading with a market cap of 43 billion with an average daily volume of 403.27 million.
