Binance Coin Price Prediction: Bullish signals hinting at a BNB pump pt.2

bnb coins

In Short

  • Binance Coin price validates the previous trade idea, rallying in the bullish territory after reaching extremely over-bought conditions on the RSI.
  • The BNB price consolidates just under oversold territory which is a subtle continuation of trend signal.
  • Invalidation of the bullish trade idea targeting $330 is a breach below $278.

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.

BNB/USDT 1-Day Chart
BNB/USDT 1-Day Chart

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. 

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.