BNB slides down from $268 to $257.8 today, losing $10.2 (3.8%).
Trend-focused traders would be interested to note 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. Price action pushed below a known Fibonacci support level at $267.57 by around $9.77 with prices hammering out a $257.08 – $268 range by session close. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $261.72, a low enough level to, generally, suggest that BNB is trading below its fair value. Following today's trading session, chart analysis suggests Binance Coin fell below the $261.55 support zone and moved $3.75 beyond it; the next level of support with significant buyer interest is estimated at $258.47.
All in all, the technical analysis suggests BNB has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Dogecoin goes down 4.4% to trade around $0.085. Litecoin goes down 4.15% to trade around $72.3. After ending today's session at $17,817, Bitcoin lost $451.89 and is trading around $17,366.
Approximately 11 months ago, Binance Coin reached a significant high of $552.13 but has struggled to hold onto its gains and declined 51.46% since then. BNB is currently trading with a market cap of 41.24 billion with an average daily volume of 122.72 million.