Binance Coin: prevailing buying ordersDuring the general drop in market prices during the previous week, due to negative macro fundamentals, BNB`s price was not significantly affected, as BTC`s or ETH`s price was. Such moves are implying a hypothesis that BNB`s base of investors is not so speculative in nature, like with other main coins. This might come due to the fact that BNB does not have huge swings in the price, which puts some confidence among investors that their investment in this coin would be protected to some extent.
During the previous week the price of BNB was pushed down to the level of $258, however, the price swiftly reverted to the upside and finished the week around $280. During the last three days of the week buying orders were dominant on the market. RSI was relatively steady, moving between 39 and 50. Moving averages of 50 and 200 days slowed down with a convergence, continuing to move close to each other.
For the last two weeks the $300 has been a clear target, based on the charts, and this level continues to be BNB`s target at least per technical analysis. Charts are strongly suggesting that resistance at $300 needs to be tested for one more time. This level would be a cross-line for BNB. From this point the coin will either move to the higher grounds, or it will be the final point of reversal to the downside. At this moment charts are not providing the clear answer.
