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June 12, 2023
BNB weakened earlier in the day, before moving away from its $222.25 low and recovering back to $229.87.
As the trading day comes to an end, chart analysis indicates Binance Coin is oscillating around the $234.17 level serving as support. 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. According to momentum evaluation, the Relative Strength Index indicates Binance Coin is in strong oversold condition. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $231.2, a low enough level to, generally, suggest that Binance Coin is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates Binance Coin will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Solana is trading around $14.98 (down $0.543).
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Having closed the previous session at $8.44, Cosmos USD is up 3.81% today to currently trade at around $8.77.
Over the past 7 months, BNB has retreated 33.65% from a noteworthy peak of $354.57. BNB is currently trading with a market cap of 35.83 billion with an average daily volume of 499.93 million.
