Binance Coin: is it time for higher grounds?There was another positive news regarding Binance business expansion during the previous week, as the company introduced its zero-fees crypto trading on its platform. This was a positive move from Binance, as the company managed significantly to increase trading volumes. However, market reaction, when it comes to BNB, was minimal. Macro fundamentals continue to shape the sentiment of investors and crypto traders at this moment.
In line with general market trend during the week, BNB managed to sustain a $200 support line and the coin made a move toward the $250 resistance line. Although resistance has been tested, it has not been breached to the upside. RSI made a move from 46 up to 52, which is a positive indication that the market is looking at the overbought side of the market, where it might head the coin`s price in the coming days. Moving average of 50 days is slowing down its divergence from MA200 counterpart, but potential cross is certainly not in prospectus any time soon.
As per current charts, there is some potential for a $200 support line to be tested once again in the coming days. There is no indication that this line might be breached to the downside. On the opposite side, if buying orders prevail, there is some probability that the price of BNB might start its road toward $300 resistance, but with a short stop around $270. Certainly, such a move to the upside will depend on macro fundamentals during the coming period.
