Binance Coin: eyeing $250?Due to general negative macroeconomic sentiment, markets spent the previous week in a relatively flat mood. In such an environment, BNB could not make any significant move to either side, instead, the coin was holding close to $300 resistance, but far away from the $250 support line. The price range in which BNB was traded was relatively tight, moving between high-low spreads of $289 - $266.
During the week RSI managed to cross the line of 50, but remained around this level. The markets are still not ready to decide on the future price trend. Moving average of 50 days has diverted from MA200 counterpart, postponing the timing of potential golden cross.
Market insecurity over general trend is supported by central banker’s rhetoric on further liquidity squeeze from markets. This could further impact short price moves. Current charts are pointing that $300 resistance might be clearly tested for one more time in the coming period. There is also an equal probability for BNB to head to the downside and clearly test the $250 support line.