Binance Coin: overbought is near It was a positive week for BNB, as the positive market sentiment pushed the price to the level of resistance at $300. The last time when this level was tested was at the beginning of October this year. Highest level reached during the week was $308. On a positive side is also that the $250 support line has not been clearly tested since August this year, showing that the market was clearly set to the upper side.
During the week RSI reached level of 70, which is a clear overbought market side. After this, it could be expected some short reversal to the downside. Moving averages of 50 and 200 days are quite modestly converging toward each other, still postponing the golden cross.
BNB will start a week ahead by testing the $300 resistance line. Considering that the RSI had reached a clear overbought side, there is high probability for a short reversal. In this sense, $270 might be a short term target. The prevailing buying orders would certainly seek the higher grounds. In case that $300 resistance is clearly breached to the upside, it will open a path toward $330. Current charts are showing that there is some probability for such a move in the coming period.
