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June 11, 2023
Binance Coin remains range-bound within a $235.35 to $239.35 range but falls to $235.91 in choppy trade.
Chart analysis suggests Binance Coin could begin to recover as it approaches significant support, now $11.41 away from $224.5. 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. According to momentum evaluation, the Relative Strength Index indicates BNB is in strong oversold condition. Asset volatility analysis shows that Binance Coin's lower Bollinger Band® is at $240.43, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Binance Coin has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Cardano closed at $0.268 (down 2.62%). EOS is trading around $0.682 (down $0.014).
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36.
Having set a significant high of $354.57 7 months ago, BNB is trading 32.66% lower. BNB has a market cap of 36.77 billion with an average daily volume of 496.67 million.
