Struggling to find upward momentum, Binance Coin has shed $13.49 to currently trade at $298.96 as it ranges between $298.05 and $315.12 so far today.
Despite being in the red so far in the current trading session, Binance Coin peaked above its 5 day Simple Moving Average around $312.41 — typically an early indicator of a new bullish trend beginning to emerge. Binance Coin's lower Bollinger Band® is at $294.51, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, after descending below strong Fibonacci support at $304.95, market bears have earmarked $281.36 as the next downside target. Binance Coin reversed direction at $307.37 support zone and climbed $8.41 above it.
Overall, looking at the technical analysis landscape, it seems BNB —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Solana retreats 3.37% to trade around $20.75. MaticNetwork USD is trading around $1.2 (down $0.042).
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.
BNB has managed to gain 29.06% so far this year despite trading at lows around $196.72 previously. Binance Coin has a market cap of 47.21 billion with an average daily volume of 165.94 million.