The price of Binance Coin declines to $22 today just like the rest of the market, hinting that there is a possible crisis in the markets. While the performance from earlier this week showed that at one point BNB was attempting to cross $25, the situation is now different.
However, there was a reason for the spike earlier. As reports in the cryptonews showed, the US-based Bitcoin ATM operator CoinFlip joined Binance Chain and made BNB available to US consumers in 35 states in its ATM network.
Still, Binance Coin declines and was dragged as part of the market’s performance, approaching a new price at $22 on the price chart today. If we look at the prices in the weekly period, we will see that Binance was resistant to many things before and was comfortable trading around $23 and $24.
The coin seems to have moved out of the bullish MACD today now, and the price line can be observed hovering above and below this limit soon. There was also an overextension made above the $24 mark before which is why BNB stabilized before it fell to $22 as its current level.
The Relative Strength Index (RSI) now can be seen as varying between 30.00 and 70.00 for most of the day. Currently, it is lower than usual which signals that Binance Coin declines and could be heading to lower grounds.
The other two technical indicators can be seen sketching their paths near the BNB/USD pair while converging near the current mark. Anyways, the fact that Binance Coin declines may put its position at risk too – BNB is now at the 9th spot with around $3.44 billion as its total market cap. If we consider the fact that XTZ, which is ranked below it, has been adding a lot to its price lately without falling, BNB may be vulnerable and lose its position soon.
Besides the Binance coin news, we can see that many other altcoins are dropping today. For instance, EOS (EOS) has lost 12% of its price and is now at $4.03, followed by Bitcoin Cash (BCH) which is again vulnerable after losing 9% and at its new price of $379. While these are the worst performers in the top 10, there are still coins which have lost more than 7% including Ripple (XRP), Ether (ETH), Litecoin (LTC) and others.
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