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May 21, 2023
BNB is now trading at $310.43 after tracing out a steady $310.36 – $311.38 range today.
As the day gets underway, chart analysis suggests Binance Coin is approaching key support, around $1.69 away from $308.73. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-following investors would be interested to note that BNB made an initial breakout above its 10 day Simple Moving Average at $311, a potential indicator of a newly emerging bullish phase. Japanese candlestick formations show a "Bullish Engulfing" pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term. Analysis based on the asset volatility indicates that BNB's upper Bollinger Band® is at $326.85, suggesting that a downward move may follow.
With market volatility ebbing, the current technical outlook indicates BNB will remain range-bound for the immediate future.
At the same time, mixed performances are seen elsewhere as FTX Token gained 9.54% and is now trading at $1.36. After ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
This year has been a bright one for BNB after trading as low as $196.72 and going on to appreciate by 27.51% year to date. BNB is currently trading with a market cap of 48.38 billion with an average daily volume of 519.26 million.
