Binance Coin: slowing down
Since the beginning of August this year, BNB was testing the $300 resistance line, but without market strength to clearly break this level. Same situation was during the previous week. Another attempt, without success, due to general market reluctance to enter into riskier assets due to an unstable macroeconomic environment. During the week the coin was moving between levels of $278 up to $300.
RSI indicator tried to head to the upside, but at 62, the indicator reverted to the downside and to the level of 50. There is still no indication that the market is ready to head toward the oversold side. Moving averages of 50 and 200 days continue to move as two parallel lines with a clear down trend. The golden cross is certainly not in the store for some time in the future.
Current charts, which are dominated by the significantly decreased daily trading volumes, indicate a potential for $250 to be tested for one more time. However, whether that will occur during the week ahead, is unclear at this moment. Small daily trading volumes would certainly not have the strength to drag the market to either side. In this sense, there is currently a high probability that BNB will continue to move in a relatively flat way, probably between $260 and $300.
RSI indicator tried to head to the upside, but at 62, the indicator reverted to the downside and to the level of 50. There is still no indication that the market is ready to head toward the oversold side. Moving averages of 50 and 200 days continue to move as two parallel lines with a clear down trend. The golden cross is certainly not in the store for some time in the future.
Current charts, which are dominated by the significantly decreased daily trading volumes, indicate a potential for $250 to be tested for one more time. However, whether that will occur during the week ahead, is unclear at this moment. Small daily trading volumes would certainly not have the strength to drag the market to either side. In this sense, there is currently a high probability that BNB will continue to move in a relatively flat way, probably between $260 and $300.
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