Binance Coin: slow motion continuesIt was a relatively relaxed week for BNB as the coin was moving within quite a short range during the whole previous week. BNB started the week below the resistance line at $300 and finished above $280. It is more than evident that the market is on hold and that investors continue to be reluctant to take positions. Extremely decreased daily trading volumes adds to this fact.
In line with spot prices, RSI was also moving in a short range, oscillating below level of 50. It also confirms the prior statement that investors need more fundamental information in order to decide on a trading side. Moving averages of 50 days continue to move away from its MA200 counterpart in a relatively slow mode, but still, confirming the golden cross formation from the beginning of November.
The FOMC meeting is scheduled for November 14th, while a day before the US inflation data will be published. This is an event where the market might reach its higher volatility, in case that posted figures are not in line with market expectations. As per current charts, there is probability that BNB will continue to move within a relatively short range between $250 support and $300 resistance.
