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May 31, 2023
BNB is grinding lower from $311.7 to $307.05, shedding $4.65 (1.49%) today.
Binance Coin made an initial break below its 21 day Simple Moving Average at $310.14, a possible indication of a forthcoming negative trend. Binance Coin's upper Bollinger Band® is at $315.66 which indicates a further downward move may follow. Binance Coin could begin to recover as it approaches significant support, now $3.68 away from $310.73. Dipping below could be an indication that further losses are ahead. In contrast, 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Looking forward, BNB is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Bitcoin is down to $27,100, losing $600, after closing at $27,700 in the preceding trading session. Litecoin is down to $89.32, losing $2.97, after closing at $92.29 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
This year has been a bright one for Binance Coin after trading as low as $196.72 and going on to appreciate by 27.96% year to date. Binance Coin has a market cap of 47.86 billion with an average daily volume of 409.49 million.
