Binance Coin drops $3.23 early on and steadies around the $273.59 level.
A study of Binance Coin's historical price actions shows although Binance Coin is down today and was as low as $257.92, it seems to be recovering slightly and climbing away from the $269.87 support line and is now $3.72 above it. Technical analysis trend indicators suggest 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. Binance Coin is currently flirting with an active Fibonacci support level around $267.57. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $273.89, a low enough level to, generally, suggest that BNB is trading below its fair value.
Overall, the technical outlook suggests Binance Coin is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $1.49, FTX Token lost $0.094 and is trading around $1.39.
Other assets are showing positive performances as Bitcoin is up 3.84%. Having closed the previous session at $1,276, Ethereum is up 4.78% today to currently trade at around $1,337.
Since its 52-week high of $564.32, Binance Coin has lost 51.02% over the last twelve months. Binance Coin has a market cap of 43.77 billion with an average daily volume of 126.74 million.