Binance Coin: stress test is over?Questioning about Binance`s business involvement with collapsed FTX has been in the news spotlight during the previous week. This was very negative for both Binance and its main coin, BNB, as investors and traders moved significant amounts of funds from the exchanger. Based on official information from Binance representatives, it seems that the company managed to overcome time of extreme stress. In this sense, it could be assumed that the price of BNB could calm down soon.
BNB started the previous week above level of $280 but the news soon hit the market, so during the whole week the coin was traded in red. Lowest level was reached at Saturday`s trading session around level of $220. However, during this time, buying orders started to emerge, and BNB is ending the week above $230. At the same time RSI was pushed to the oversold side of the market, which implies that the bottom of the latest round is over and that it is time for a short reversal. Regardless of the latest move, moving averages of 50 and 200 days continued their road as two parallel lines. Looks like the golden cross from the beginning of November is still not affected by the latest negative news, which is positive for BNB.
After significant news hits the market, it takes a few days for the market to calm down. In case that selling orders for BNB continue to emerge, the price might go down to the $200 support line. On the other hand, some short reversal might be expected, considering that RSI reached a clear oversold side. In this sense, it could be expected for the price of BNB to revert up to the level of the $250 resistance line. Whether the price could return back to the level of $300 is under question at this moment.
