(Akash Girimath – FXStreet)
– Binance Coin price has broken its bearish trend by breaking out of the declining trend line on September 29.
– This development could push BNB up to sweep the equal highs formed at $301 and $337.
– On the other hand, a daily candlestick close below $257 will invalidate BNB’s bullish thesis.
Binance Coin price has broken its downtrend and is heading on a steady uptrend. Due to the inefficiencies present above, BNB is likely to continue heading higher.
Binance Coin price to avoid a bearish fate
Binance Coin price was stuck trading around the $274 and $257 levels for roughly two months. The most recent drop knocked BNB down to retest the $257 barrier twice. However, this move provided an opportunity for sidelined buyers to accumulate and kick-start an uptrend.
As a result, Binance coin price has rallied roughly 12% since September 19 and has breached the trend line connecting a string of lower highs. Such an ascent indicates a shift in market structure favoring bulls, and investors can now ride this trend higher.
The equal high at $301 is the first target for bulls, which is roughly 5% away from the current position. Clearing this hurdle, however, will open the path to $337 where buyers will be able to sweep the buy-stops resting above.
Successfully retesting this barrier would constitute an 18% gain for BNB holders.
On the other hand, if Binance Coin price fails to maintain its bullish momentum and drops under the declining trend line, it would cause buyers to lose confidence. In such a case, a spike in selling pressure that pushes BNB to produce a daily candlestick close below the $257 support level, will invalidate the bullish thesis by producing a lower low.
This shift in market structure could trigger a further crash in Binance Coin price to retest the $243 support floor.
Note:
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence Binance Coin price.
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