Range-Bound Trend and Support Levels Analysis

During the previous week, the BNB cryptocurrency experienced a consistent sideways movement accompanied by low trading volume. The currency's trend can be observed within a range channel on the weekly chart, while it has declined on a daily basis due to the formation of lower resistance and support levels. Binance Coin currently has two significant support levels. The first support has been present on the chart for an extended period, ranging between $200 and $215. The second support, intended for scenarios with increased selling pressure, is located within the price range of $190 to $195. It is anticipated that the forthcoming days may reveal signs of a trend change near these support levels. Consequently, the price level of $200 holds potential as a favorable demand zone for Binance Coin. In the short term, given the limited demand, there is an expectation for the previous support level at $220 to be breached.