Binance Coin is sharply lower after losing $17, declining as low as $325.96.
Binance Coin fell below the $337.57 support zone and moved $11.61 beyond it; the next level of support with significant buyer interest is estimated at $332.43. BNB made an initial break below its 10 day Simple Moving Average at $329.05, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $338.9, market bears have earmarked $315.27 as the next downside target. Binance Coin's upper Bollinger Band® is at $344.11 which indicates a further downward move may follow. Despite this, '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.
Looking forward, Binance Coin is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Litecoin drops 8.31% to trade around $93.32. EOS dips 8.41% to trade around $1.12. After ending today's session at $0.533, Ripple lost $0.039 and is trading around $0.494.
This year has been a bright one for Binance Coin after trading as low as $196.72 and going on to appreciate by 40.24% year to date. BNB is currently trading with a market cap of 50.81 billion with an average daily volume of 628.72 million.