BNB drops from $321 to $316.94, losing $4.06 (1.26%) today.
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. Price action remains constrained around the key Fibonacci level of $318 currently serving as support. If price action breaks below, the next Fib hurdle is $308.8. Binance Coin's upper Bollinger Band® is at $337.98 which indicates a further downward move may follow. Binance Coin broke through the $319.27 support line and dropped $2.33 below it. In contrast, 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Looking forward, Binance Coin is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Ripple is down to $0.435, losing $0.014, after closing at $0.449 in the preceding trading session. EOS slips 3.02% to trade around $0.937.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
This year has been a bright one for BNB after trading as low as $196.72 and going on to appreciate by 32.92% year to date. BNB is currently trading with a market cap of 49.40 billion with an average daily volume of 713.11 million.