During the previous week there was positive news for Binance exchange, that the company is planning to expand its business introducing a platform for VIP and institutional clients. It was also positive that the company is hiring professionals from the crypto industry during a period of time when the majority of its competitors are decreasing in number of employees. BNB did not react to this news, but was following general crypto market sentiment, making a modest move to the upside. This in practice shows how strong the impact of macro fundamentals is at this moment.
During the previous week BNB was moving in a line with general crypto market sentiment. Current bottom line has been reached at the $200 support line. Coin entered into a short reversal, reaching its highest weekly level at $241. Resistance line at $250 has not been tested, leaving room for a coin to test it in the following period. The Relative Strength Index moved from the oversold zone, but managed to reach 44. This indicates that the market is still not in a stage of clear price reversal to the upside. Moving averages of 50 and 200 days are modestly diverting from each other, still following downtrend.
Technical analysis is indicating potential for a resistance line at $250 to be tested in the coming days. On this path, there is probability for a short move to the downside, in order for the support line at $200 to be tested for one more time, before a final reversal toward the resistance line.
During the previous week BNB was moving in a line with general crypto market sentiment. Current bottom line has been reached at the $200 support line. Coin entered into a short reversal, reaching its highest weekly level at $241. Resistance line at $250 has not been tested, leaving room for a coin to test it in the following period. The Relative Strength Index moved from the oversold zone, but managed to reach 44. This indicates that the market is still not in a stage of clear price reversal to the upside. Moving averages of 50 and 200 days are modestly diverting from each other, still following downtrend.
Technical analysis is indicating potential for a resistance line at $250 to be tested in the coming days. On this path, there is probability for a short move to the downside, in order for the support line at $200 to be tested for one more time, before a final reversal toward the resistance line.
