Binance Coin: correction probably ending at $250?

28 ส.ค. 2022Resistance line at $300 was a starting point for BNB during the previous week. However, general market sentiment was focused more on the next FED`s moves in terms of economic tightening, so BNB did not manage to make a break of this resistance line. General negative market sentiment as of the weekend pushed the price of the coin down to the level of $270, where it is ending the week.

RSI started a road toward the oversold side, and is modestly decreasing from level of 50 down to 40 during the week. There is indication that the price of the coin might go even lower from current levels until a clear oversold market is finally reached. Moving average of 50 days continues to slowly converge toward MA200, but there is still distance between lines, in which sense, the golden cross is still on hold.

Current charts are pointing to the level of the $250 support line. There is a high probability that this line will be tested in the coming days. At this moment, there is no clear indication that it might be breached to the downside, especially in the case that RSI reaches level below 30. This would be a point of reversal, where BNB will head again toward the $300 resistance line, but there is currently lower probability for such a move.