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June 09, 2023
Binance Coin is down to $261.08, after ending today at $262.09. Overall, a 0.39% loss or $1 today.
Trend and momentum analysis indicates 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. Momentum evaluation shows that the Relative Strength Index indicates BNB is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. 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 $262.49, a low enough level to, generally, suggest that BNB is trading below its fair value. As the day gets underway, chart analysis suggests Binance Coin could begin to recover as it approaches significant support, now $2.58 away from $258.5. 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.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Over the past 7 months, Binance Coin has retreated 26.08% from a noteworthy peak of $354.57. BNB has a market cap of 40.69 billion with an average daily volume of 452.95 million.
