During the previous week BNB continued its recovery from the push to the downside two weeks ago. Coin managed to reach its highest weekly level at $337, however, on Thursday`s trading it reverted to the downside and finished the week at levels modestly above the $300 support line. Certainly during the week the coin was supported by Binance Coin`s further expansion to Italy, after France, Bahrain and Dubai. What caused this push to the down side, is still unclear. What charts are currently suggesting is that the $350 resistance line continues to be a target for BNB in the coming period.
RSI is clearly showing that the coin started its reversal to the overbought market after BNB reached a clear oversold market two weeks ago. During the week the indicator reached level of 50 and finished the week modestly below this level. At the same time moving averages of 50 and 200 days are continuing their downtrend as two parallel lines. There is still no indication over a potential cross in the near future.
Technical indicators are clearly showing that there is potential for BNB to test the $350 resistance line in the coming short period of time. Coin is currently testing a $300 support line which will continue to do during the first days of the following week. There is currently decreased probability that this line might be breached to the downside. Only in case of potentially negative market fundamentals, price might revert to the downside, in which case the path toward the $250 support line will be open.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
RSI is clearly showing that the coin started its reversal to the overbought market after BNB reached a clear oversold market two weeks ago. During the week the indicator reached level of 50 and finished the week modestly below this level. At the same time moving averages of 50 and 200 days are continuing their downtrend as two parallel lines. There is still no indication over a potential cross in the near future.
Technical indicators are clearly showing that there is potential for BNB to test the $350 resistance line in the coming short period of time. Coin is currently testing a $300 support line which will continue to do during the first days of the following week. There is currently decreased probability that this line might be breached to the downside. Only in case of potentially negative market fundamentals, price might revert to the downside, in which case the path toward the $250 support line will be open.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
