Considering general circumstances on the crypto market during the previous week, it could be noted that BNB had a relatively good week, compared to other major coins on the market. Namely, the price was following general market sentiment, but the coin managed to lose more than 1% in a single week. Although its price has been under pressure for some time now, considering generally negative news related to Binance exchanger, still, during the general market reversal, the BNB performed actually quite well. At the beginning of the week the price of BNB tested the resistance line at $350 but soon reverted to the downside and lowest weekly level at $315. BNB is ending the week around a short term stop, at level of $330. It was a pretty swift recovery within a week.
RSI reached a clear overbought side, after which, the price entered into short term reversal. Although the indicator reached level of 50, it has reverted the path toward the upside, finishing the week around level of 55. It looks like the market is still not ready to start the road toward the oversold side. Moving averages of 50 and 200 days continue to move as two parallel lines, questioning the Golden cross which occurred some time ago.
RSI shows that the market is still not ready for a course to the downside. Charts are showing that the coin is also not ready for a move to the upside. Although there is some probability that the price might head toward the $350 resistance for one more time, there is lower probability for such a move. Based on current charts, it is more likely that the price will revert once again toward 310 , which should be its reversal point back to $330.
RSI reached a clear overbought side, after which, the price entered into short term reversal. Although the indicator reached level of 50, it has reverted the path toward the upside, finishing the week around level of 55. It looks like the market is still not ready to start the road toward the oversold side. Moving averages of 50 and 200 days continue to move as two parallel lines, questioning the Golden cross which occurred some time ago.
RSI shows that the market is still not ready for a course to the downside. Charts are showing that the coin is also not ready for a move to the upside. Although there is some probability that the price might head toward the $350 resistance for one more time, there is lower probability for such a move. Based on current charts, it is more likely that the price will revert once again toward 310 , which should be its reversal point back to $330.
