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.
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.