Struggling to find upward momentum, BNB has shed $1.38 to currently trade at $286.62 as it ranges between $285.67 and $289.42 so far today.
Binance Coin broke through the $287.08 support line and dropped 45 cents below it. Binance Coin made an initial break below its 200 day Simple Moving Average at $286.91, a possible indication of a forthcoming negative trend. Binance Coin is currently flirting with an active Fibonacci support level around $286.59. 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. Bollinger Bands® shows an indication of recovery: the lower band is at $282.3, a low enough level to, generally, suggest that Binance Coin is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for BNB.
In the meantime, negative performances are also seen in other markets, EOS descends 2.52% to trade around $1.18. After ending today's session at $0.226, Algorand USD lost $0.007 and is trading around $0.219.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
BNB has gained 17.9% since its lowest print of $196.72 earlier this year. Binance Coin is currently trading with a market cap of 45.26 billion with an average daily volume of 491.40 million.