Binance Coin: short recoveryAs of the end of the last year the price of BNB was strongly affected by the news of potential involvement of Binance exchanger in the FTX collapse. The dust is still on the market, however, BNB is slowly recovering from the news. It was a relatively good start of this year for this coin as it managed to make a move toward the higher grounds, from levels of $250 support line up to $260. Trading volumes are low, but still, buying orders continue to be prevalent on the market, which is positive for the coin.
With the latest market moves, RSI was pushed from levels of 41 up to 53, which indicates that the market is set toward the overbought side. Moving averages of 50 and 200 days are slowly diverging from each other, after lines made a clear cross as of the end of December last year. The trend change was affected by the recent negative news, hence, it still needs to be confirmed on the charts.
Considering that the markets are still on holidays, low trading volumes might continue for another week. In this sense, some significant moves might not be expected. Current charts are showing a potential for the price of BNB to reach higher grounds, but at this moment, $300 resistance line might be too optimistic. On the other side, support line at $250 might be shortly tested for one more time.
