Binance Coin: without strength
Previous week was generally marked with decreased market optimisms, related to the inflation figures and potential further FED`s increases of interest rates. However, since the beginning of the year, BNB did not manage to make some significant moves, where the coin has been impacted by the all news surrounding Binance exchanger. During the previous week there has been additional news related to Binance in which SEC puts some notes to Binance`a proposed acquiring deal with Voyager, a recently failed crypto lender. Namely, the regulator believes that Voyager`s native token VGX is a security and as such it should have been properly registered. In this sense, the sale of unregistered securities is prohibited by the law in the US.
The level of $320 was a starting point and a highest point for BNB during the previous week. Regardless of general market sentiment, the coin made only incremental moves toward the $300 support line, where BNB is finishing the week. Selling orders prevailed on the market during the whole week, but with very low daily trading volumes, there was no strength for some higher moves. RSI crossed the 50 line, indicating that the market is currency more oriented toward the oversold side. The positive development is with moving averages, where MA50 continues to strongly diverge from its MA200 counterpart, confirming recent Golden cross.
BNB will start the week ahead by testing a $300 support line. In case that selling orders prevail there is some probability for this line to be breached. However, considering significantly decreased daily trading volumes, some significant moves should not be expected. Most probable level in this case would be a short term stop at $280. On the opposite side, there is currently quite a decreased probability that BNB could return to $320 level.
The level of $320 was a starting point and a highest point for BNB during the previous week. Regardless of general market sentiment, the coin made only incremental moves toward the $300 support line, where BNB is finishing the week. Selling orders prevailed on the market during the whole week, but with very low daily trading volumes, there was no strength for some higher moves. RSI crossed the 50 line, indicating that the market is currency more oriented toward the oversold side. The positive development is with moving averages, where MA50 continues to strongly diverge from its MA200 counterpart, confirming recent Golden cross.
BNB will start the week ahead by testing a $300 support line. In case that selling orders prevail there is some probability for this line to be breached. However, considering significantly decreased daily trading volumes, some significant moves should not be expected. Most probable level in this case would be a short term stop at $280. On the opposite side, there is currently quite a decreased probability that BNB could return to $320 level.
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