Bearish Binance Coin currently $5.04 lower after trading as low as $296.54

BNB is range-bound between $296.54 and $303.55 today after shedding $5.04 and closing at $302.71 today.

Binance Coin's lower Bollinger Band® is at $292.2, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Binance Coin could begin to recover as it approaches significant support, now 51 cents away from $298.18. Dipping below could be an indication that further losses are ahead. Despite this, price action remains constrained around the key Fibonacci level of $297.54 currently serving as support. If price action breaks below, the next Fib hurdle is $286.59.

Technical analysis shows that Binance Coin (currently on a downtrend) might reverse course and start going up in the short term.

In the meantime, negative performances are also seen in other markets, after ending today's session at $97.85, Litecoin lost $3.27 and is trading around $94.58. After ending today's session at $0.36, Cardano lost $0.012 and is trading around $0.348.

Other assets are showing positive performances as FTX Token is up 9.54% to $1.36.

BNB has gained 22.81% since its lowest print of $196.72 earlier this year. Binance Coin is currently trading with a market cap of 47 billion with an average daily volume of 586.80 million.