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March 06, 2023
Binance Coin drops from $288.72 to $284.93, losing $3.78 (1.31%) today.
Binance Coin made an initial break below its 200 day Simple Moving Average at $287.06, a possible indication of a forthcoming negative trend. Binance Coin is currently flirting with an active Fibonacci support level around $286.59. Despite this, Binance Coin could begin to recover as it approaches significant support, now 1 cents away from $284.93. Dipping below could be an indication that further losses are ahead. Binance Coin's lower Bollinger Band® is at $283.03, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for BNB.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD closed at $6.43 (down 2.98%). Litecoin closed at $88.23 (down 1.87%).
Other assets are showing positive performances 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 17.11% year to date. Binance Coin is currently trading with a market cap of 44.99 billion with an average daily volume of 577.94 million.
