Bearish Binance Coin currently $1.76 lower after trading as low as $234.76

Trading lower, BNB is currently down $1.76 as it ranges between $234.76 and $240.09 so far today.

Binance Coin could begin to recover as it approaches significant support, now $8.77 away from $227.33. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, BNB peaked above its 5 day Simple Moving Average around $241.54 — typically an early indicator of a new bullish trend beginning to emerge.

Despite suffering losses in today's session, technical analysis is indicating that Binance Coin will undergo a significant bounce in the immediate term.

In the meantime, negative performances are also seen in other markets, Cardano is down to $0.256, losing $0.007, after closing at $0.263 in the preceding trading session. Polkadot is down to $4.41, losing $0.153, after closing at $4.56 in the preceding trading session.

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

Binance Coin is now trading 23.94% below its 3-month high of $354.57. BNB is currently trading with a market cap of 36.80 billion with an average daily volume of 570.64 million.