Binance Coin price could get a bid for higher targets if these factors play out

Binance Coin price has found stable support on the Relative Strength Index.
The bulls have successfully reconquered the 8-day exponential moving average.
Invalidation of the bullish thesis is a breach below $250.

Binance Coin price could witness a strong rally in the coming days. Key levels have been defined.

Binance Coin price has potential

Binance Coin price is showing tremendous strength on Sunday at $271, October 23. The decentralized smart contract token has rallied and produced a solid bullish trend to close the third trading week of the month. If market conditions persist, the bulls could rally toward higher targets.

Binance Coin price have successfully hurdled the 8-day exponential moving average and are now testing the 21-day simple moving average. The Relative Strength Index shows the bulls have found support before the ongoing rally. Sidelined bulls may witness this subtle cue and begin scaling into the BNB token to aim for $290 and potentially $300. Such a move would result in an additional 8% increase from the current market value.

BNB/USDT 2-Hour Chart

Invalidation of the bullish thesis could arise if the bears retag the $250 lows. In doing so, a sellers' frenzy could unfold, targeting $220 liquidity levels and below. Such a move would result in a 10% decline from the current Binance price.

Share: Cryptos feed

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.