After a 2% weekly gain, Binance Coin (BNB) faces near-term correction threats following its failure to overcome the $250 resistance. With BNB stuck between support and resistance, sideways trading is likely ahead of a retest of $240 support.
On the hourly chart, BNB trades in the middle of its local channel as bulls and bears wrestle for control. With the daily ATR mostly passed, big moves are improbable short term.
The daily chart also shows BNB sandwiched between key levels as volume declines, pointing to range-bound action between $245 and $255 before a downward turn.
As long as BNB holds above the $234.80 mark, bulls maintain control. But a long wick close could prompt a pullback to $240 where buyers can regain momentum.
For now, BNB hovers around $248.50 after bulls couldn’t sustain upward momentum. With the price rejected at resistance, BNB may trade sideways for days before bears spark a retest of $240 support.
A break below $240 would confirm the correction and potentially open the door for a deeper decline. So traders eye the $250 level as a pivotal BNB resistance to monitor in the days ahead.
