Binance Coin Price Prediction: BNB price can rally too $300 and higher
- Binance Coin price is protruding a ramping pattern that could prompt a powerful rally in the coming days.
- The bulls have successfully conquered the 8-day exponential moving average.
- Invalidation of the uptrend scenario is 10% below today's market value at $240.
Binance Coin price shows reasons to believe in one more wave targeting $300 and even $330.
Binance coin price has potential
Binance Coin price shows potential for one more move north. The bulls have hurdled the 8-day exponential moving average after a 3% decline over the weekend. Additionally, the Relative Strength Index has found support in ideal buyers' territory after establishing a bullish hammer with high volume on Thursday, October 13.
Binance Coin price currently auctions at $277.50. Based on the influx of volume during the recent low at $256, a highly volatile market could be underway in the coming days. A breach through the 21-day simple moving average stationed at $280 could catalyze a rally toward the monthly high at $300. If the bears do not capitulate at $300, the September highs near $330 could also face a challenge.
BNB/USDT 8-Hour Chart
Combining these factors, a Binance Coin breakout could occur abruptly in the coming days. The invalidation of the uptrend thesis is 10% below today’s market value. If the bears breach $240, consider this bullish thesis void.
The directional bias could re-route south, targeting the 200-week moving average, currently positioned at $171. Such a move would result in a 35% decline from the current BNB price.
In the following video, our analysts deep dive into the price action of Binance Coin, analyzing key levels of interest in the market. -FXStreet Team
Author
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.
