Mixed sentiment leads BNB cryptocurrency to trade sideways; establishes tight $245.37 to $246.7 range

BNB is now trading at $245.68 after tracing out a steady $245.37 – $246.7 range today.

Binance Coin's upper Bollinger Band® is at $251.76, suggesting that a downward move may follow. In contrast, BNB is approaching key support, around $2.18 away from $243.5. 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.

Despite the market lacking direction, technical chart analysis strongly suggests Binance Coin is positioned for a downward move in the near term.

While Binance Coin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. Bitcoin Cash decreases 1.69% to trade around $285.51. Algorand USD is down $0.002 from the beginning of the session and now trades around $0.127.

Binance Coin is now trading 20.07% below its 3-month high of $354.57. BNB has a market cap of 38.29 billion with an average daily volume of 531.15 million.