Binance Coin: price correction
Two weeks ago BNB gained significantly from the news that Binance exchanger might be a new owner of the bankrupt crypto lender, Voyager Digital. After pushing the price to the level of $320, the market reverted a bit to the downside, and minimum weekly level at $280. Still, BNB is ending the week above $290. It is evident from charts that even with significantly decreased daily trading volumes, buying orders were prevalent on the market, defending the price to move back to the lower grounds.
RSI started the previous week around level of 57, however, it is finishing the week at level of 50. This shows that the market is still not ready to move the price to the overbought side. MA50 is moving away from its MA200 counterpart, suggesting that the golden cross, formed at the beginning of November, might finally start to reveal itself in prices of the coin.
During the previous week, short term price correction was expected. Due to decreased market strength, the price went down to the level of $280. Charts are showing that the price might go even lower, from that level, at last till $260. At this moment the support line at $250 is little probable. On the opposite side, resistance at $300 might be tested for one more time.
RSI started the previous week around level of 57, however, it is finishing the week at level of 50. This shows that the market is still not ready to move the price to the overbought side. MA50 is moving away from its MA200 counterpart, suggesting that the golden cross, formed at the beginning of November, might finally start to reveal itself in prices of the coin.
During the previous week, short term price correction was expected. Due to decreased market strength, the price went down to the level of $280. Charts are showing that the price might go even lower, from that level, at last till $260. At this moment the support line at $250 is little probable. On the opposite side, resistance at $300 might be tested for one more time.
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