Binance Coin: what a chart !First look at BNB`s daily chart might give a scary impression. At first sight it is clear that something was going on with this coin. And it was, as announcements of potential acquisition of FTX had a strong impact on BNB`s price, after which, giving up on the deal was a huge driver of the price to the downside in line with FTX`s collapse. However, in relation to other major coins, it could be noted that BNB is holding quite well during this general market downturn. During the previous week the price of BNB went from $290 down to $263. The support line at $250 has not been tested. It seems like the market is just not ready to break the $260 level.
RSI made quite shy moves between levels of 43 and 39. It shows that the market is still not ready to choose the trading side. As for moving averages of 50 and 200 days, it is still not clear if the golden cross might be fully confirmed as two lines continue to move as two parallel lines, after creating a cross two weeks ago.
Markets continue to digest all the potential risks around FTX collapse. In this sense, fundamental news would lead the game on the market also during the week ahead. In case there is more negative news, the price of BNB might go down to $250 support line. Still, in case there are no such events, the price should try to test $300 resistance in the coming days.
