Binance Coin recovers back to $305 after dipping down to $300.54 today, in a session that followed a closing value of $304.64.
Binance Coin made an initial break below its 5 day Simple Moving Average at $302.79, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Binance Coin's upper Bollinger Band® is at $316.68, suggesting that a downward move may follow. On the other hand, note that BNB reversed direction at $301 support zone and climbed $4 above it.
Despite the market lacking direction, technical chart analysis strongly suggests Binance Coin is positioned for a downward move in the near term.
While Binance Coin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token jumps 9.54% to trade around $1.36. NEAR Protocol closed at $2.43 (down 3.63%). MaticNetwork USD withdraws 3.15% to trade around $1.08.
Binance Coin has gained 24.72% since its lowest print of $196.72 earlier this year. BNB has a market cap of 48.16 billion with an average daily volume of 111 million.