BNB SHORT ?
Updated
Binance Coin is still getting stronger. The coin's price rose to a high of $335 during the previous week as it continued to move in the overbought market, completing the week there. The $350 next resistance line has not been tested this week, leaving it for the next months.
The RSI moved above level 70 for the entire week, indicating a clearly overbought market side. This is another sign that this coin will soon reverse course. Moving average of 50 days began to converge more strongly toward MA200, but there is still some space between the two lines, indicating that it will be some time before the golden cross is attained.
Given that the currency is moving in an overbought zone, technical indications suggest that a short-term reversal in the price of BNB is imminent. In this regard, BNB may test the support line at $300 in the next days by moving toward it. Based on past data, the $330 level is merely a temporary stop for BNB; therefore, the $350 resistance line may be its next objective in the near future.
The RSI moved above level 70 for the entire week, indicating a clearly overbought market side. This is another sign that this coin will soon reverse course. Moving average of 50 days began to converge more strongly toward MA200, but there is still some space between the two lines, indicating that it will be some time before the golden cross is attained.
Given that the currency is moving in an overbought zone, technical indications suggest that a short-term reversal in the price of BNB is imminent. In this regard, BNB may test the support line at $300 in the next days by moving toward it. Based on past data, the $330 level is merely a temporary stop for BNB; therefore, the $350 resistance line may be its next objective in the near future.
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