• 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.

BNB/USDT 1-day chart

BNB/USDT 1-day chart

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.

 


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.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.

More Bitcoin News
Crypto markets brace for volatility in tight race between Trump and Harris

Crypto markets brace for volatility in tight race between Trump and Harris

The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets. 

More Cryptocurrencies News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP