BNB rallied to $388.51, hitting its highest point in 6 months. It later lost $44.55 and is now trading at $343.96.
Although up today, early price action saw Binance Coin dropping below its 10 day Simple Moving Average at $325.7 — an early indicator that a new downward trend could be emerging. First developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In BNB’s case, the RSI has fallen below 30, indicating the asset is oversold. Bollinger Band® analysis indicates that current price action is approaching the upper band at $364.65, thereby suggesting that BNB is becoming overvalued. Despite this, Binance Coin reversed direction at $345.42 resistance zone and retreated back $1.46 below it. Price action overcame a known Fibonacci resistance level at $354.57 by around $10.62 with prices hammering out a $313.8 – $388.51 session range.
Technical analysis suggests there could be an imminent reversal for Binance Coin.
Meanwhile, after ending today’s session at $0.112, Dogecoin lost $0.015 and is trading around $0.097. After ending today’s session at $29.61, Solana lost $4.5 and is trading around $25.11. Algorand USD is trading around $0.357 (down $0.062).
BNB is up 71.7% from the significant low of $196.72 it hit 4 months ago. Binance Coin is currently trading with a market cap of 55 billion with an average daily volume of 152.85 million.