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March 11, 2023
Binance Coin falls to $275.68, following mixed behavior today as it ranges between $272.28 and $281.5.
Analysis of BNB's recent price action suggests Binance Coin could begin to recover as it approaches significant support, now $6.75 away from $268.92. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show 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. Asset volatility analysis shows that Binance Coin's lower Bollinger Band® is at $272.18, 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, EOS is down to $0.993, losing $0.052, after closing at $1.04 in the preceding trading session. Tezos USD is down to $0.981, losing $0.019, after closing at $1 in the preceding trading session.
Other assets are showing positive performances as FTX Token rallies 9.54% to trade around $1.36.
BNB has fallen back around 38.49% from the significant high of $451.27 set 11 months ago. Binance Coin has a market cap of 43.53 billion with an average daily volume of 415.31 million.
