BNB continues to be under the impact of all the news surrounding Binance exchanger. During the previous week several senators in the US Congress requested detailed information on Binance`s business operations amid concerns over the company's practices within a field of compliance with a law on anti-money laundering that sanctions. At the same time, Paxos announced that it will halt minting new BUSD as it has been requested by the New York Department of Financial Services amid concerns over offering unregistered securities. In addition to the mentioned, there was a general negative market sentiment related to the developments with the Silvergate bank. All this drove the BNB`s price to the downside, to the level of $288, where the coin is finishing the week.
During the whole previous week, the price of BNB was pressured to the downside, with prevailing selling orders as of the end of the week. Still, at the beginning of the week the price was struggling to hold around the $300 resistance line, but without success. During the week the RSI indicator was pushed further to the downside, below level of 50, reaching level of 38 as of the end of the week. This is a clear indication that the market is eyeing the oversold side, leaving some space for the price to move further to the downside. Moving average of 50 days clearly slowed down its divergence from MA200 counterpart, putting into question recent Golden cross.
Considering significantly decreased daily trading volumes on the crypto market, there is indication that the price of BNB will continue with slow moves during the week ahead. There is a probability for the price to move further to the downside, only if the current short-term stop at $280 does not hold selling pressures. At the same time, the $250 support line is still far away, in which sense, there is currently a low probability that this level might be tested in the week ahead. In case that $280 holds, then there is probability for a quite a short reversal, at least to the level of the resistance line at $300.
During the whole previous week, the price of BNB was pressured to the downside, with prevailing selling orders as of the end of the week. Still, at the beginning of the week the price was struggling to hold around the $300 resistance line, but without success. During the week the RSI indicator was pushed further to the downside, below level of 50, reaching level of 38 as of the end of the week. This is a clear indication that the market is eyeing the oversold side, leaving some space for the price to move further to the downside. Moving average of 50 days clearly slowed down its divergence from MA200 counterpart, putting into question recent Golden cross.
Considering significantly decreased daily trading volumes on the crypto market, there is indication that the price of BNB will continue with slow moves during the week ahead. There is a probability for the price to move further to the downside, only if the current short-term stop at $280 does not hold selling pressures. At the same time, the $250 support line is still far away, in which sense, there is currently a low probability that this level might be tested in the week ahead. In case that $280 holds, then there is probability for a quite a short reversal, at least to the level of the resistance line at $300.
