Binance exchanger had an interesting announcement to its clients during the previous week. Namely, the company informed clients that it will halt all USDT and USD banking transfers starting from February 8th for all non-US clients. There was no reason mentioned for such a decision, however, there had been a spike of funds outflows from Binance. Luckily, this news did not have a significant impact on the price of BNB, so the coin managed to hold modestly above the $300 support line. Prior to this news, the coin was testing for one more time short term stop line at $330.
The RSI indicator was holding above the level of 50 during the week. It is still some indication that the market is still not ready to head toward the oversold zone. As of the end of the week, moving averages of 50 and 200 days finally made a modest cross, however, it will take a couple of more days, until the formation confirms itself. If the real Golden cross occurs, it would indicate trend reversal in the coming period, something that the market was waiting for the whole previous year.
Charts are pointing that the week ahead might be a slow one for BNB. On one side, there are significantly decreased daily trading volumes, while on the other side is SEC with its clear instruction that crypto companies should strictly adhere to regulation when it comes to staking products. In case of any sign that SEC is eyeing Binance after they finished with Kraken, it might drag the price of the coin to the downside. Level of $280 might easily be the potential target. On the opposite side, there is some potential for another move toward the $330 short resistance.
The RSI indicator was holding above the level of 50 during the week. It is still some indication that the market is still not ready to head toward the oversold zone. As of the end of the week, moving averages of 50 and 200 days finally made a modest cross, however, it will take a couple of more days, until the formation confirms itself. If the real Golden cross occurs, it would indicate trend reversal in the coming period, something that the market was waiting for the whole previous year.
Charts are pointing that the week ahead might be a slow one for BNB. On one side, there are significantly decreased daily trading volumes, while on the other side is SEC with its clear instruction that crypto companies should strictly adhere to regulation when it comes to staking products. In case of any sign that SEC is eyeing Binance after they finished with Kraken, it might drag the price of the coin to the downside. Level of $280 might easily be the potential target. On the opposite side, there is some potential for another move toward the $330 short resistance.
