Binance Coin: weak price movesThe price of BNB continues to be influenced by the news surrounding Binance exchanger, in which sense, some significant price moves to either side were not expected. Although there has been positive sentiment on the market since the beginning of this year, the price of BNB did not react in an usual manner, with strong price moves to the upside. Instead, the price is still holding above $300. During the previous week, there has been some move to the upside, reaching the highest weekly level at HKEX:335 , but still, daily trading volumes remained quite low, without strength to support price higher grounds.
RSI started its path toward the overbought side of the market. The Indicator flipped from the 50 line and ended the week around the level of 62. This was a positive move, indicating that there is still space for the BNB`s price to move to the higher grounds. Moving averages of 50 and 200 days continue to move as two parallel lines, but they still manage to hold the Golden cross.
Fundamentals will drive the price for BNB also in the coming period. RSI points to a potential for price to move to the higher levels, in which sense, BNB might test the $350 resistance line. On the opposite side, there is also some potential for levels modestly above the $300 support line to be tested for one more time.
