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May 12, 2023
Binance Coin drops from $307.52 to $304.06, losing $3.46 (1.13%) today.
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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $305.04, a low enough level to, generally, suggest that Binance Coin is trading below its fair value. Technical analysis of BNB's past price action reveals multiple support and resistance levels: BNB could begin to recover as it approaches significant support, now $1.56 away from $302.5. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Binance Coin has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Bitcoin closed at $26,339 (down 2.41%). Dogecoin stumbles 2.14% to trade around $0.07.
Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36.
This year has been a bright one for Binance Coin after trading as low as $196.72 and going on to appreciate by 25.41% year to date. BNB is currently trading with a market cap of 47.39 billion with an average daily volume of 660.96 million.
