Binance Coin price has shown considerable strength and could extend towards $330 if these factors play out.
Binance Coin price takes off
Binance Coin price rallied in a rocket-like manner this week as the bulls validated the previous trade idea targeting $280. The bulls breached the $280 target zone less than 24 hours from publication and have since rallied an additional 4% into the $290 barrier. New evidence in the market suggests that decentralized smart contract token will rally an additional 12% towards $330 if market conditions persist.
Binance Coin price is currently trading at $290.10. The bulls have produced a significant ramping pattern on the volume profile indicator, which suggests the uptrend is far from over. Additionally, the Relative Strength Index consolidates under oversold territory after BNB has printed consecutive bullish engulfing candlesticks. This is a subtle cue that suggests the profit-taking consolidation will be short-lived and BNB price will rally higher.
Invalidation of the uptrend scenario targeting $330 can now be placed below the thrust candle at $278. If the bears breach $278, a further decline toward $250 could occur, resulting in a 10% decrease from the current Binance Coin price.