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Binance coin price is on its way to $250

  • Binance coin is experiencing a steep decline. 
  • Binance coin produced a ramping 1-2 pattern, which surged through all key Fib levels.
  • Invalidation of the bearish downtrend is a breach at $370.

Binance coin price is likely to continue falling in the short term before the anticipated market bounce occurs. $250 is a probable target.

Binance coin price is on a lethal decline

Binance coin price had produced a ramping 1-2 pattern before a bearish engulfing candle displayed on the 3-day chart. A Fibonacci projection tool surrounding the 1-2 pattern has a 1.618 Fibonacci level at $309. Today BNB price trades at $315. Although from a long-term perspective, the $300 level is undoubtedly a discounted entry price, the previous all-time high at $250 is a likely target that smart money will be aiming to accumulate Binance coin.

The Fibonacci projection tool also has the 2.618 Fib level residing at $258, which provides further confluence for the bearish price target. The Relative Strength Index has also breached the buyers' territory, which should concern long-term investors. Still, there is no doubt that a countertrend rally will likely occur in the coming weeks.

https://editorial.fxstreet.com/miscelaneous/BNBUSDT_2022-05-09_12-36-36-637877211132362798.png

BNB/USDT 3-Day Chart 

Invalidation of the bearish thesis is a breach at $370. Once the $370 zone is breached, $490 will be the next probable target resulting in a 60% increase from the current BNB price.

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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