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February 22, 2023
Binance Coin recovering almost all the way back to $311.54 today, after dipping down to $304.9.
Support/Resistance levels obtained from chart analysis indicate that after reaching the $305.13 support zone, Binance Coin bounced and climbed $3.34 above it. Concerning technical analysis and more specifically, trend indicators, BNB made an initial break below its 10 day Simple Moving Average at $310.56, a possible indication of a forthcoming negative trend. BNB bounced $3.52 away from Fibonacci support at $304.95. Asset volatility analysis shows that BNB's lower Bollinger Band® is at $292.56, 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, after ending today's session at $24.96, Solana lost $1.38 and is trading around $23.58.
Other assets are showing positive performances as FTX Token leaps up 9.54% to trade around $1.36. Tezos USD is up 6.75%.
This year has been a bright one for Binance Coin after trading as low as $196.72 and going on to appreciate by 25.43% year to date. BNB has a market cap of 48.71 billion with an average daily volume of 502.20 million.
