Binance Coin: on a road of challenging reversal? BNB was following general market sentiment during the previous week, so the price was pushed to the downside and to the current level of $290 where BNB is finishing the week. However, it was interesting to see that the lowest level during the week was at $209, within one single move. This indicates that there is part of the market which perceives much lower prices for this coin, at $200, a major support line. Still, the majority of the market is pricing BNB at current levels. Dip buyers occurred as of the weekend, but still, selling orders were dominating the last trading day of the week.
RSI reached the oversold market during the week, but finished the week around 33, which might be an indication that the market started a short term reversal. With latest moves MA50 started modest divergence from its MA200 counterpart, indicating that a golden cross is currently not in store for this coin.
During the last trading day of the week BNB was testing the support line at $250, but without strength to break it to the downside. Coin started its reversal, which adds to the probability that $300 resistance might be tested in the coming days. At this moment, there is no clear indication that the next resistance line at $350 might be tested in the following few days.
