Binance Coin: overbought market reached Another positive week is behind BNB. The coin managed to reach another currently significant target of $300 resistance line to be clearly tested and breached as of the end of the week. Although BNB started the week around level of $275, dominant buying orders have pushed the price to the highest weekly level at $320. With this move the overbought market has been clearly reached, indicating that the future might bring some short term reversal for this coin.
As of the end of this week RSI was pushed to the level of 72, clearly indicating that the market is currently traded in the overbought zone. At the same time, the moving average of 50 days started its modest convergence toward its MA200 counterpart; however, it is still early to confirm this trend. The golden cross is still far away from this coin.
Considering that the coin reached the overbought side of the market, it might be expected that short term reversal is ahead. In this sense, the coin might revert back to $300 support line to test it once again, with decreased probability that $250 support might be reached again. On the opposite side, the next target for BNB might be $350 resistance, after a short stop at $330.
