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June 07, 2023
Having ended Monday at $281, Binance Coin dropped to $256.12, hitting its lowest point in 5 months and a half. It later recovered $4.71 and trades at $260.82.
Trend 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 has gone below 30, going into oversold conditions and allowing more gains. Japanese candlestick formations show '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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $276.66, a low enough level to, generally, suggest that BNB is trading below its fair value. Chart analysis indicates Binance Coin broke through the $275.4 support line and dropped $14.58 below it.
With market volatility ebbing, the current technical outlook indicates BNB will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Cardano drops 7.66% to trade around $0.325. Algorand USD closed at $0.127 (down 7.53%).
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Having set a significant high of $354.57 7 months ago, Binance Coin is trading 20.75% lower. BNB is currently trading with a market cap of 40.65 billion with an average daily volume of 417.25 million.
