Binance Coin: short moves It was a heavy week for BNB, but the coin managed swiftly to consolidate. During the first half of the week, the price of BNB was influenced by the news on potential purchase of the crypto exchanger FTX by Binance, when the price of BNB reached level of $400 on one occasion. After Binance announced that it is not entering into any sort of business deal with FTX, the general market selloff began. The price of BNB went down to the level of $260 on Wednesday trading season, which was a minimum level reached during the week. Soon after, the price reverted back, but only to the level of $300 resistance line. BNB is ending the week testing $300 resistance.
During the period of selloff, RSI went down to the level of 37, however, the clear oversold side of the market has not been reached. At the same time a very interesting thing happened with moving averages of 50 and 200 days. Namely, the two lines created a golden cross at the beginning of the week, they continued to move as one line for the rest of the week. In this sense, it is very hard to confirm if the golden cross formation occurred at all. Certainly, in the next week or two, the formation should be clarified.
It will take some time until markets calm after the latest selloff. In this sense, it could be expected from BNB to test the $250 support line for one more time. On the opposite side, there is a high probability that BNB will continue to test the $300 resistance line.
