More negative news about Binance exchanger hit the market during the previous week, hence, the price of BNB reacted in a negative manner. Namely, the CFTC pressed charges against Binance exchanger, noting violation of several provisions on the US commodities law, whose aim is prevention and detection of the money laundering and terrorism financing. This news was not positively welcomed by the markets, in which sense, the price of BNB went from $330 down to $310. Around this level BNB is also finishing the week.
Regardless of the drop in price, RSI continues to move around level of 50. This means that the market is just not ready to choose the trading side. Moving averages of 50 and 200 days continue to move as two parallel lines, which still hold a Golden cross occurred a few weeks ago.
It could be expected that the market will remain sensitive to the news regarding CFTC`s charges against Binance, in which sense, risk of the further downside in the price of BNB holds. In this case, the price of BNB might go down to $300 support, with lower probability for a short term stop at $280. On the opposite side, price might recover to the previous levels between $320 and $330.
Regardless of the drop in price, RSI continues to move around level of 50. This means that the market is just not ready to choose the trading side. Moving averages of 50 and 200 days continue to move as two parallel lines, which still hold a Golden cross occurred a few weeks ago.
It could be expected that the market will remain sensitive to the news regarding CFTC`s charges against Binance, in which sense, risk of the further downside in the price of BNB holds. In this case, the price of BNB might go down to $300 support, with lower probability for a short term stop at $280. On the opposite side, price might recover to the previous levels between $320 and $330.
