Previous week BNB started with a move to the lower grounds. The lowest level reached at the beginning of the week was $260, after which, the price of the coin was set for a move to the upside. BNB is ending the week modestly below resistance line at $300. Support line at $250 has not been clearly tested during the week, but neither the resistance line at $300. Range of moves between $250 and $300 has been dominant for BNB within the last three weeks. This might be one of the indications that soon the market might start to search for new levels for this coin.
During the week RSI was pushed from level of 33 up to 55. Although level of 33 is quite close to the oversold market, still, it has not been clearly reached. RSI level of 55 is pointing that the market has crossed the line and is currently looking at the overbought side. Moving averages of 50 and 200 days are continuing with their convergence toward each other, indicating that soon it might end as a golden cross.
During the last three weeks, the support line at $250 has been tested on several occasions. There has not been market strength to break this level to the down side, so the coin reverted to the upside. However, there has not been market strength to break $300 resistance, either. A week ahead BNB will start by testing $300 resistance. In case that prevailing buying orders continue, there is high probability for this line to be broken to the upside. Next level for BNB might be a short term stop line at $330. At this point, there is no indication that this line could be broken to the upside. However, if the market exhausts itself around level of $300, then it might be expected for BNB to revert to the support line at $250 to test it one more time.
During the week RSI was pushed from level of 33 up to 55. Although level of 33 is quite close to the oversold market, still, it has not been clearly reached. RSI level of 55 is pointing that the market has crossed the line and is currently looking at the overbought side. Moving averages of 50 and 200 days are continuing with their convergence toward each other, indicating that soon it might end as a golden cross.
During the last three weeks, the support line at $250 has been tested on several occasions. There has not been market strength to break this level to the down side, so the coin reverted to the upside. However, there has not been market strength to break $300 resistance, either. A week ahead BNB will start by testing $300 resistance. In case that prevailing buying orders continue, there is high probability for this line to be broken to the upside. Next level for BNB might be a short term stop line at $330. At this point, there is no indication that this line could be broken to the upside. However, if the market exhausts itself around level of $300, then it might be expected for BNB to revert to the support line at $250 to test it one more time.
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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.