Ongoing banking crisis with First Republic Bank didn’t have almost any impact on the price of BNB during the previous week. The level of deposits flowing from banks to the crypto market this time was reflected only in BTC`s price. This suggests that the majority of deposits were transferred in the first wave, during the collapse of SVB and Signature bank, and that similar banking crisis will have only minor effect on the prices of crypto coins in case that similar situation occurs in the future. However, on a positive side was the news that the total amount of BTC`s held in Binance wallets has been increased for the first time since the FTX collapse. This might be perceived as a first signal that market participants are slowly bringing back their confidence into Binance exchanger after some time of turbulent period. This will also be positive for BNB.
BNB reached its highest weekly level at
345
and swiftly reverted the price to the downside, ending the week with prevailing selling orders around $320. The RSI took the down-road, ending the week modestly below level of 50. This is one of the indications that the market is headed toward the oversold side. At the same time, positive development is that MA50 continues to diverge from MA200 counterpart, which continues to be supportive for the Golden cross.
Charts are pointing that short term reversal might continue in the coming days. There is some probability for the $300 support line to be tested in the coming days. At this moment there is no indication that the price might go lower from this level. On the opposite side,
330
might be tested again, still, without potential that the $350 might be reached in the week ahead.
BNB reached its highest weekly level at
345
and swiftly reverted the price to the downside, ending the week with prevailing selling orders around $320. The RSI took the down-road, ending the week modestly below level of 50. This is one of the indications that the market is headed toward the oversold side. At the same time, positive development is that MA50 continues to diverge from MA200 counterpart, which continues to be supportive for the Golden cross. Charts are pointing that short term reversal might continue in the coming days. There is some probability for the $300 support line to be tested in the coming days. At this moment there is no indication that the price might go lower from this level. On the opposite side,
330
might be tested again, still, without potential that the $350 might be reached in the week ahead. 