Mixed sentiment leads Binance Coin cryptocurrency to trade sideways; establishes tight $233.1 to $240.1 range

Without a clear-cut direction, Binance Coin is trading around $235.2 and ranging between $233.1 and $240.1.

Binance Coin is approaching key support, around $4.4 away from $230.8. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. BNB made an initial breakout above its 5 day Simple Moving Average at $236.82, a potential indicator of a newly emerging bullish phase.

Despite muted price action in Binance Coin, chart analysis indicates it is positioned for a bullish run in the short term.

While BNB is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. Ripple slumps 3.22% to trade around $0.463. EOS slumps 3.31% to trade around $0.617.

BNB has shed 23.18% over the past three months. BNB has a market cap of 36.66 billion with an average daily volume of 578.84 million.