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April 28, 2023
BNB drops from $330.72 to $322.63, losing $8.09 (2.45%) today.
Trend-following investors would be interested to note that Binance Coin made an initial break below its 50 day Simple Moving Average at $319.87, a possible indication of a forthcoming negative trend. 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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $310.72, a low enough level to, generally, suggest that Binance Coin is trading below its fair value. A study of BNB's chart reveals various key levels to watch: Binance Coin could begin to recover as it approaches significant support, now $7.24 away from $329.87. Dipping below could be an indication that further losses are ahead.
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, UNICORN Token USD is down $0.197 from the beginning of the session and now trades around $6.43. Cardano closed at $0.403 (down 1.76%).
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
BNB has gained 37.74% since its lowest print of $196.72 earlier this year. Binance Coin has a market cap of 50.29 billion with an average daily volume of 728.95 million.
