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May 02, 2023
BNB recovering almost all the way back to $328.04 today, after dipping down to $323.5.
Binance Coin made an initial break below its 50 day Simple Moving Average at $323.53, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $323.66 currently serving as support. If price action breaks below, the next Fib hurdle is $318. Binance Coin's upper Bollinger Band® is at $345.72 which indicates a further downward move may follow. Despite this, Binance Coin could begin to recover as it approaches significant support, now $1.71 away from $322.67. Dipping below could be an indication that further losses are ahead.
Overall, the technical analysis landscape suggests that on the balance of probability, BNB is expected to maintain its bearish bias.
Other assets are showing positive performances as FTX Token is up 9.54% to $1.36. EOS rises 1% to trade around $1. Having closed the previous session at $6.37, UNICORN Token USD is up 1.62% today to currently trade at around $6.47.
This year has been a bright one for Binance Coin after trading as low as $196.72 and going on to appreciate by 34.09% year to date. Binance Coin is currently trading with a market cap of 50.55 billion with an average daily volume of 797.83 million.
