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April 24, 2023
BNB is now trading at $330.91 after tracing out a steady $328.14 – $333.39 range today.
Chart analysis suggests Binance Coin is approaching key support, around $5 away from $325.9. 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. With regards to technical trend indicators, chart analysis show that BNB made an initial breakout above its 10 day Simple Moving Average at $330.9, a potential indicator of a newly emerging bullish phase. Japanese candlestick formations show a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Asset volatility analysis shows that BNB's upper Bollinger Band® is at $345.69, suggesting that a downward move may follow.
Notwithstanding BNB's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen elsewhere as FTX Token surges 9.54% to trade around $1.36. Ripple is down to $0.457, losing $0.009, after closing at $0.465 in the preceding trading session. UNICORN Token USD closed at $6.43 (down 2.98%).
BNB has gained 33.72% since its lowest print of $196.72 earlier this year. BNB has a market cap of 51.58 billion with an average daily volume of 698.15 million.
