Binance Coin: another move toward $300 ?
Although BNB started the previous week with a positive sentiment, moving toward the $300 resistance line, the second part of the week was under influence of macro fundamentals in the US, where the coin reverted back to the level of $264. BNB is finishing the week around $280 with emerging buying orders.
Due to swings in price, RSI made a move from 55 down to 41. Charts are not clearly pointing that the market is actually looking at the oversold side. Moving averages of 50 and 200 days have slowed down with a convergence toward each other, still continuing to move very close. However, the golden cross will take some time in the future to occur.
During the week support line at $250 has not been tested. Although the coin reverted a bit, after reaching resistance at $300, still the charts are showing that the coin did not finish with testing of this line. This increases the probability that the coin will move back to resistance at $300 to test it for one more time. At this moment, there is no clear indication that $300 might be breached to the upside. In case of a short term reversal, $250 might be tested again, but with decreased probability.
Due to swings in price, RSI made a move from 55 down to 41. Charts are not clearly pointing that the market is actually looking at the oversold side. Moving averages of 50 and 200 days have slowed down with a convergence toward each other, still continuing to move very close. However, the golden cross will take some time in the future to occur.
During the week support line at $250 has not been tested. Although the coin reverted a bit, after reaching resistance at $300, still the charts are showing that the coin did not finish with testing of this line. This increases the probability that the coin will move back to resistance at $300 to test it for one more time. At this moment, there is no clear indication that $300 might be breached to the upside. In case of a short term reversal, $250 might be tested again, but with decreased probability.
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