It was a relatively good week for BNB, in line with increased market optimism. However, the performance still stays under impact of negative news related to Binance`s a potential involvement in FTX collapse, in which sense, BNB managed to cross the way from $270 at the beginning of the week, up to $314 on Saturday’s trading session. Still, the coin is ending the week modestly above the $300 support line.
In line with the latest moves to the upside, the RSI indicator reached a clear overbought side of the market. At the level of 76, RSI is indicating potential for a short term reversal. At the same time there has not been much change with moving averages of 50 and 200 days as they continue to move as two parallel lines, at least now without a clear downtrend.
As per current charts, it could be expected for BNB to start a week ahead by testing the $300 support line to the down side. Since the RSI is currently at a clear overbought side, there is some probability for the price of BNB to revert to the short term stop at $280. On the opposite side, there could be a push further to the $320 short term stop for BNB, in case that support line at $300 is not clearly breached.
In line with the latest moves to the upside, the RSI indicator reached a clear overbought side of the market. At the level of 76, RSI is indicating potential for a short term reversal. At the same time there has not been much change with moving averages of 50 and 200 days as they continue to move as two parallel lines, at least now without a clear downtrend.
As per current charts, it could be expected for BNB to start a week ahead by testing the $300 support line to the down side. Since the RSI is currently at a clear overbought side, there is some probability for the price of BNB to revert to the short term stop at $280. On the opposite side, there could be a push further to the $320 short term stop for BNB, in case that support line at $300 is not clearly breached.
