Elliott wave’s rule of alteration suggests a $70 target for the Binance coin price

  • Binance coin has printed several shallow two retracements since its origin. 
  • A deep wave four correction is highly likely according to Elliot Wave theory.
  • Invalidation of the current downtrend is a breach above $357

Binance coin could fall back into September 2021 All-time highs at $70 if the technicals are correct.

Binance coin price back to $70 eventually

Binance coin price displays a few reasons to believe that a macro bottom could occur within the $70 price zone. Elliott Wave theory suggests that corrections after an impulsive wave should have alternative price action. For instance, if wave 2 is corrective, is deep in price retracement and takes little time to complete, wave four will usually be shallow in terms of a price retracement and can spend an exuberant amount of time finishing the corrective structure. 

Binance coin price displays shallow wave two corrections dating as early as 2016. Even the current impulsive rally that started post-pandemic lows portrays shallow corrections with relatively brief periods to finalize the corrective structures. Thus, a time-consuming deep wave four correction is likely for the Binance Coin price.


A Fibonacci retracement level surrounding the $700 all-time high since the pandemic lows suggests a 61.8% retracement level at $77. The Fib levels strongly confounds the bearish macro thesis. The correction could take months and even years to play out, but it is undoubtedly a valid scenario on the cards that long-term investors should be aware of.

Still, markets rarely go down in a straight line. In the coming weeks, there could be profitable countertrend rallies for the BNB price. Invalidation of the current bearish downtrend lies at $357. If the bulls can breach this level, the BNB price could climb as high as $470, resulting in a 75% increase from the current Binance coin price.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis