Two weeks ago Binance Coin reached a clear overbought market side, hence, it was expected that short reversal is in store for this coin. Previous week BNB started around level of $333 and turned to the downside, reaching a minimum weekly level at $276. Support line at $250 has not been tested on this occasion. Initial target for BNB was support line at $300, however, during the Friday`s trading session, and general negative market sentiment, the coin was pushed further below this support line. BNB is ending the week above $280.
During the week RSI was pushed down from the level of 75 to level of 39. Based on the current movement of the indicator, it does not seem that the market is ready to head toward the oversold side. Rather, it might take some time until the coin actually reaches this side. Moving average of 50 days started its stronger convergence toward the MA200 counterpart, but still it might take some time in the future until the actual golden cross is reached.
Technical analysis is showing the probability for BNB to get back to the level of support line at $300 in the coming days. At this point, a move toward $330 is not supported. On the opposite side, indicators are showing increased probability for the $250 support line to be tested in the coming period.
During the week RSI was pushed down from the level of 75 to level of 39. Based on the current movement of the indicator, it does not seem that the market is ready to head toward the oversold side. Rather, it might take some time until the coin actually reaches this side. Moving average of 50 days started its stronger convergence toward the MA200 counterpart, but still it might take some time in the future until the actual golden cross is reached.
Technical analysis is showing the probability for BNB to get back to the level of support line at $300 in the coming days. At this point, a move toward $330 is not supported. On the opposite side, indicators are showing increased probability for the $250 support line to be tested in the coming period.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.