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May 26, 2023Binance Coin recovering almost all the way back to $304.69 today, after dipping down to $302.81.
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. BNB's upper Bollinger Band® is at $318.46 which indicates a further downward move may follow. In contrast, BNB could begin to recover as it approaches significant support, now 67 cents away from $302.63. Dipping below could be an indication that further losses are ahead.
In the short term, BNB is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down $0.197 from the beginning of the session and now trades around $6.43.
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. Ripple gained 2.2% and is now trading at $0.464.
BNB has managed to gain 25% so far this year despite trading at lows around $196.72 previously. BNB is currently trading with a market cap of 47.27 billion with an average daily volume of 428.22 million.
