Is it the end of Binance Coin's rally? After three days of gains, it is down by 0.28% today

After closing at $244.29 today, Binance Coin opened today at $244.29, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Binance Coin retains a distinct $242.08 to $244.41 daily range.

As the day gets underway, chart analysis suggests Binance Coin reversed direction at $242.43 support zone and climbed $1.18 above it. Trend and momentum analysis indicates that Binance Coin made an initial break below its 10 day Simple Moving Average at $243, a possible indication of a forthcoming negative trend.

Overall, while Binance Coin has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36.

Binance Coin is now trading 25.88% below its 3-month high of $354.57. BNB has a market cap of 37.97 billion with an average daily volume of 579.44 million.