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May 28, 2023
Without a clear-cut direction, BNB is trading around $308.16 and ranging between $307.05 and $309.53.
Binance Coin made an initial breakout above its 10 day Simple Moving Average at $309, a potential indicator of a newly emerging bullish phase. BNB is approaching key support, around $4.59 away from $303.57. 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. On the other hand, note that BNB's upper Bollinger Band® is at $315.62, suggesting that a downward move may follow.
Although price action remains in a stalemate, technical analysis suggests BNB could be primed for a break to the upside.
While Binance Coin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token surges 9.54% to trade around $1.36. Bitcoin gained 1.54% and is now trading at $27,274. Having closed the previous session at $0.367, Cardano is up 2.62% today to currently trade at around $0.376.
BNB has gained 24.64% since its lowest print of $196.72 earlier this year. BNB is currently trading with a market cap of 48 billion with an average daily volume of 417.68 million.
