Mixed sentiment leads BNB cryptocurrency to trade sideways; establishes tight $329.54 to $332.21 range

Without a clear-cut direction, Binance Coin is trading around $331.49 and ranging between $329.54 and $332.21.

Binance Coin made an initial break below its 10 day Simple Moving Average at $329.73, a possible indication of a forthcoming negative trend. BNB's upper Bollinger Band® is at $345.4, suggesting that a downward move may follow. In contrast, Binance Coin is approaching key support, around $8.75 away from $322.73. 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 BNB is positioned for a downward move in the near term.

While BNB is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. TRON gained 1.05% and is currently trading at $0.067. After ending today's session at $0.396, Cardano lost $0.004 and is trading around $0.392.

This year has been a bright one for Binance Coin after trading as low as $196.72 and going on to appreciate by 34.72% year to date. Binance Coin has a market cap of 51.67 billion with an average daily volume of 689.47 million.