The CryptoCompare noted in their yearly report on the crypto market trends for the year 2022, that Binance exchange gained the highest share of the exchangers market, increasing it by 16,3% y/y. It has been noted that this comes due to higher exception of the crypto currencies in emerging markets. However, it should also be taken into account that few exchangers filed for bankruptcy during the same year, which probably added to the increase of the Binance`s market share. But this news did not helped too much to BNB during the previous week. Although the price reached level of $313, still, at the same time, 1.3% of circulating coins were pulled off the market, leaving the BNB`s total market cap unchanged from the week before. Whether this has to do anything with Genesis`s bankruptcy filing is unknown at this moment.
Since the beginning of the week, BNB entered into a short price correction, reaching a level of $280. Still, as of the weekend, the price reverted back to the $300 resistance line. RSI continues to hold near the level of 70, which is a clear overbought side, which indicates potential for short reversal to the downside. Moving average of 200 days is modestly diverging from MA50 counterpart, supporting the cross which occurred as of the end of December.
Current charts are suggesting that there is no strength for $300 resistance to be broken to the upside. At the same time, the RSI is pointing to potential for short term reversal in price. In this sense, the coin might revert a bit again to $280 for another time, with lower probability that the $250 support line might be tested. On the opposite side, the resistance line at $320 might be tested, but with lower probability.
Since the beginning of the week, BNB entered into a short price correction, reaching a level of $280. Still, as of the weekend, the price reverted back to the $300 resistance line. RSI continues to hold near the level of 70, which is a clear overbought side, which indicates potential for short reversal to the downside. Moving average of 200 days is modestly diverging from MA50 counterpart, supporting the cross which occurred as of the end of December.
Current charts are suggesting that there is no strength for $300 resistance to be broken to the upside. At the same time, the RSI is pointing to potential for short term reversal in price. In this sense, the coin might revert a bit again to $280 for another time, with lower probability that the $250 support line might be tested. On the opposite side, the resistance line at $320 might be tested, but with lower probability.
