Positive developments for BNB continue for a second week in a row. During the previous week, the price of the coin was pushed further to the upside, where BNB managed to reach the resistance line at $350, after breaking the short term stop line at $330. Technical charts are showing potential for more positive developments to come in the future period.
Two weeks ago RSI reached a clear overbought side, while the coin continued to move in this range during the whole previous week. Highest level reached for RSI was 81 which is indication of heavily overbought market. On the other hand, this is also an indication that the price will enter into a short reversal in the coming period. Moving averages of 50 days are converging toward the MA200 counterpart, while the distance between two lines becomes very short, indicating potential golden cross formation in the short future period.
Since BNB reached more than clear overbought market side, it could be expected that the price will revert a bit to the downside in the week ahead. In this sense, the first stop for the coin might be a short term support line at $330. At this point, charts are showing lower probability that this level might be breached to the lower levels. On the other side, the resistance line at $350 might be tested again.
Two weeks ago RSI reached a clear overbought side, while the coin continued to move in this range during the whole previous week. Highest level reached for RSI was 81 which is indication of heavily overbought market. On the other hand, this is also an indication that the price will enter into a short reversal in the coming period. Moving averages of 50 days are converging toward the MA200 counterpart, while the distance between two lines becomes very short, indicating potential golden cross formation in the short future period.
Since BNB reached more than clear overbought market side, it could be expected that the price will revert a bit to the downside in the week ahead. In this sense, the first stop for the coin might be a short term support line at $330. At this point, charts are showing lower probability that this level might be breached to the lower levels. On the other side, the resistance line at $350 might be tested again.
