Skip to content Skip to footer

Binance coin price is on its way to $250 – FXStreet

Tony M. Tony M.

Binance coin price is likely to continue falling in the short term before the anticipated market bounce occurs. $250 is a probable target.
Binance coin price had produced a ramping 1-2 pattern before a bearish engulfing candle displayed on the 3-day chart. A Fibonacci projection tool surrounding the 1-2 pattern has a 1.618 Fibonacci level at $309. Today BNB price trades at $315. Although from a long-term perspective, the $300 level is undoubtedly a discounted entry price, the previous all-time high at $250 is a likely target that smart money will be aiming to accumulate Binance coin.
The Fibonacci projection tool also has the 2.618 Fib level residing at $258, which provides further confluence for the bearish price target. The Relative Strength Index has also breached the buyers' territory, which should concern long-term investors. Still, there is no doubt that a countertrend rally will likely occur in the coming weeks.
BNB/USDT 3-Day Chart 
Invalidation of the bearish thesis is a breach at $370. Once the $370 zone is breached, $490 will be the next probable target resulting in a 60% increase from the current BNB price.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Ethereum price has been dropping for quite some time and has found its way to levels that were last seen almost ten months ago. This pressure is further exacerbated by the crumbling DeFi ecosystem that is starting to take a toll on ETH’s market value.
Safemoon price keeps coming back from the dead, closing in on a key horizontal resistance at $0.0008000, where it set daily candlestick highs both on April 20 and on the frenzy May 12 price action. SAFEMOON current price action chart only goes back to January 2022 as the Safemoon contracts were updated on a 1000:1 consolidation in the transition from V1 to V2.
Bitcoin price is showing signs of a reach for the range’s upper limit as it bounces off a crucial support level. This development, from a short-term outlook, holds promise as BTC could retest the aforementioned level.
Shiba Inu price is stuck trading inside a range for nearly two weeks and shows signs of exploding soon. Interested investors can ride this wave, which is likely going to be volatile and quick.
Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.


Share 0
Tweet 0
Pin it 0
Share 0

Leave a comment