Binance Coin dropped to $265.91, hitting its lowest point in 8 weeks. Later, it recovered $8.37 and is now trading at $274.28.
Trend analysis indicates 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. Analysis based on the asset volatility indicates that Binance Coin's lower Bollinger Band® is at $273.41, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Binance Coin's notable support and resistance levels: BNB could begin to recover as it approaches significant support, now $7.13 away from $267.15. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests BNB 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, Litecoin falls 6% to trade around $72.17. TRON is down $0.001 from the beginning of the session and now trades around $0.057.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36.
Having set a significant high of $451.27 11 months ago, Binance Coin is trading 38.64% lower. BNB has a market cap of 43.31 billion with an average daily volume of 418.20 million.