After not being able to clearly break the $300 resistance line during the previous few weeks, it was expected that the price of BNB would revert a bit to the down side. On the other hand, currently significantly decreased trading volumes on the crypto market, made an impact for BNB to be traded in a very short range during the previous week, between levels of $267 and $277. Such a short range is not quite common for BNB, but was influenced by general reluctance of investors to place their orders.
The price of BNB reached a level of $255 on Friday, after the release of the US inflation data. It was a short and immediate market reaction to fundamental news. Although the market soon returned to previous levels, it still shows that traders are currently more oriented toward the downside. RSI remained relatively flat, moving in a range between 46 down to 40. Moving averages of 50 and 200 days are still moving as two parallel lines with a clear down trend. The golden cross is still on hold.
Due to an unstable macroeconomic situation, the market is still on hold. In this sense, strong market moves are generally not expected. Still, what is evident with BNB but also many other coins on the market is that there is pressure to the downside. In this sense, there is some probability for BNB to head toward the $250 support line, as charts are clearly pointing at this level for a few weeks now. On the opposite side, there is some probability for BNB to revert shortly to the level of $280, but at this moment, charts are not showing that there is potential for $300 in the week ahead.
The price of BNB reached a level of $255 on Friday, after the release of the US inflation data. It was a short and immediate market reaction to fundamental news. Although the market soon returned to previous levels, it still shows that traders are currently more oriented toward the downside. RSI remained relatively flat, moving in a range between 46 down to 40. Moving averages of 50 and 200 days are still moving as two parallel lines with a clear down trend. The golden cross is still on hold.
Due to an unstable macroeconomic situation, the market is still on hold. In this sense, strong market moves are generally not expected. Still, what is evident with BNB but also many other coins on the market is that there is pressure to the downside. In this sense, there is some probability for BNB to head toward the $250 support line, as charts are clearly pointing at this level for a few weeks now. On the opposite side, there is some probability for BNB to revert shortly to the level of $280, but at this moment, charts are not showing that there is potential for $300 in the week ahead.
