Binance Coin weakened earlier in the day, before moving away from its $295.5 low and recovering back to $295.5.
Binance Coin made an initial break below its 3 day Simple Moving Average at $298.62, a possible indication of a forthcoming negative trend. BNB is currently flirting with an active Fibonacci support level around $300.8. Despite this, Binance Coin could begin to recover as it approaches significant support, now $2 away from $293.52. Dipping below could be an indication that further losses are ahead.
In the short term, BNB is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Dogecoin goes down 2.68% to trade around $0.105. Litecoin is down to $77.33, losing $1.93, after closing at $79.25 in the preceding trading session. Ripple descends 1.69% to trade around $0.4.
Approximately a year ago, BNB reached a significant high of $648.25 but has struggled to hold onto its gains and declined 53.5% since then. Binance Coin is currently trading with a market cap of 47.27 billion with an average daily volume of 158.64 million.