Binance Coin: is $350 the next target?Two weeks ago BNB had a challenging week where the price of the coin was pushed strongly to the downside and to the $250 support line. Soon after the oversold market was reached, BNB started its clear reversal path. However, considering the still challenging market environment driven exclusively by fundamentals, the recovery path might not be so swift as BNB usually does. Still, what continues to be positive about BNB is that this coin usually does not follow general correlation with the market, as we have seen again during the previous week.
With the start of a short term reversal, BNB started challenging the $300 resistance line. During the week there has not been enough market strength to push the price to the higher grounds, so the highest level reached was $313. Still, the coin is ending the week with prevailing buying orders, but with relatively lower daily trading volumes. RSI moved from oversold market up to the level of 43, still holding this up move, which indicates that market is within a course of short term reversal, with strong potential that it will continue this move. However, moving averages of 50 and 200 days are taking downtrend, with MA50 moving away from its MA200 counterpart.
Technical indicators are pointing to the potential that BNB might head toward the next resistance line at $350 to test it in the coming period. At this moment it is clearly pointed on the charts. However, in case that fundamental news hits the market during the week, it could be expected that BNB will return back to the level of $300 support.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
