BNB started the previous week with another push of price to the level of $330, however, another week in a row the coin did not manage to break this level on a road to the resistance line at $350. Weakness of the market for such a move has been caused by negative signals from the FED. Coin finished the week testing support line at $300. At the same time daily trading volumes have decreased with mixed both selling and buying orders.
Second week in a row RSI is reaching breaking point at 50, but again indicator did not manage to break above this line, which would be indication that market has started a move toward overbought territory. For the moment, clear reversal is on hold. Moving averages of 50 and 200 days still continue to move as two parallel lines with clear downtrend.
Charts are indicating that BNB`s price is currently on a cross road. On one side, there is an open path toward the $250 support line where the coin last stood in May this year. On the other hand, if $300 support manages to hold, then the coin will probably try to reach $330 one more time on its road toward the $350 resistance line.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
Second week in a row RSI is reaching breaking point at 50, but again indicator did not manage to break above this line, which would be indication that market has started a move toward overbought territory. For the moment, clear reversal is on hold. Moving averages of 50 and 200 days still continue to move as two parallel lines with clear downtrend.
Charts are indicating that BNB`s price is currently on a cross road. On one side, there is an open path toward the $250 support line where the coin last stood in May this year. On the other hand, if $300 support manages to hold, then the coin will probably try to reach $330 one more time on its road toward the $350 resistance line.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
