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May 24, 2023
As the current session draws to a close, Binance Coin remains in the $304.37 – $313.43 range after dropping 2.25%.
Binance Coin broke through the $309.47 support line and dropped $3.18 below it. Binance Coin made an initial break below its 10 day Simple Moving Average at $310.59, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $310.3 by around $4 with prices hammering out a $304.37 – $313.43 range by session close. Binance Coin's upper Bollinger Band® is at $322.81 which indicates a further downward move may follow.
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, Litecoin closed at $85.96 (down 6.21%). Bitcoin is trading around $26,449 (down $770.44).
Positive performances can be seen by looking at other markets as FTX Token soars 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 28.03% year to date. BNB is currently trading with a market cap of 47.74 billion with an average daily volume of 450.17 million.
