| 
March 03, 2023
As the current session draws to a close, BNB remains in the $288.29 – $300.09 range after dropping 3.93%.
Following today's trading session, chart analysis suggests Binance Coin could begin to recover as it approaches significant support, now $2.17 away from $286.12. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates 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. After descending below strong Fibonacci support at $297.54, market bears have earmarked $286.59 as the next downside target. According to asset volatility analysis, Binance Coin's lower Bollinger Band® is at $287.82, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates BNB will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Bitcoin dips 5.09% to trade around $22,300. Litecoin is down $5.74 from the beginning of the session and now trades around $89.58.
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36.
This year has been a bright one for BNB after trading as low as $196.72 and going on to appreciate by 18.26% year to date. BNB has a market cap of 45.52 billion with an average daily volume of 599.94 million.
