fxstreet.com
- 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