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May 17, 2023Struggling to find upward momentum, Binance Coin has shed $1.67 to currently trade at $309.69 as it ranges between $309.38 and $312.84 so far today.
Binance Coin could begin to recover as it approaches significant support, now $1.29 away from $308.4. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, BNB peaked above its 10 day Simple Moving Average around $312.37 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $302.43, a low enough level to, generally, suggest that Binance Coin is trading below its fair value.
Technical analysis indicates that Binance Coin (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD stumbles 2.98% to trade around $6.43.
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36. Ripple is up 1.33%.
Binance Coin has managed to gain 26.9% so far this year despite trading at lows around $196.72 previously. BNB is currently trading with a market cap of 48.27 billion with an average daily volume of 588.97 million.
