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

Binance Coin Price Prediction Bullish signals hinting at a BNB pump

In Short

  • Binance Coin price auctions in the bullish territory after reaching extremely over-bought conditions on the RSI.
  • The bulls are testing the 8-day exponential moving average as support.
  • Invalidation of the bullish outlook can occur if 270 is breached.

Binance Coin price could rally towards higher targets in the days to come. Key levels have been defined.

Binance Coin price back to $280

Binance Coin price witnessed a powerful surge in price action during the third trading weekend of October. On October 24, the bears stepped in as expected, but subtle cues still suggest that the decentralized smart contract token has higher targets to reach.

Binance Coin price auctions at $274. The bulls have accomplished a classic retest-and-ascend signal of the 8-day exponential moving average. The next hurdle currently being tested is the 21-day simple moving average. 

The Relative Strength Index hovers in the bullish despite Monday’s sell-off. The previous uptrend rally pushed the RSI into extremely overbought territory, which signals that the bullish strength should be taken seriously. 

BNB/USDT 3-Hour Chart
BNB/USDT 3-Hour Chart

If market conditions are as genuinely bullish as they appear to be, the bulls should be able to breach the 21-day simple moving average in the coming hours. An additional rally towards $280 and possibly $300 could occur.

Invalidation of the uptrend scenario could occur if the bears breach the $270 lows established on Monday, October 24. In doing so, a further decline toward $250 could ensue, resulting in an 8% decline 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.