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


Tony M. Tony M.
FXStreet


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.
https://editorial.fxstreet.com/miscelaneous/BNBUSDT_2022-05-09_12-36-36-637877211132362798.png
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.
 
 

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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.
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