Binance Coin Price Prediction: An Autumn rally targeting $500
- Binance Doin price printed two impulsive waves during summer’s 80% rally.
- A Fibonacci Retracement Tool surrounding the second impulsive wave places the recent swing low at a 50% FIB level.
- Invalidation of the uptrend scenario is 10 % below today’s market value at $240.
Binance Coin price shows reasons to believe in one more wave up targeting $474 and $500.
Binance Coin price could rally
Binance Coin price has been somewhat slept on throughout the summer as Ethereum’s Merge narrative continues to headline in the crypto arena. Nonetheless the BNB price quietly rallied 80% since the June 18 flash crash.
During the summer rally the BNB price appears to have printed two impulse waves. A Fibonacci retracement tool surrounding the second wave qualifies the current downtrend’ swing low at $270 as a 50% retracement level.
The Volume Profile Indicator confounds the bullish possibility as the bears are consistently tapering amidst the 18% decline since the August 10 swing high at $335. Additionally the BNB price hovers above the 200-week-moving average unlike many of its crypto peers.
Last month a very interesting on-chain metrics signal was spotted which indicated extreme bullish undertones for the BNB token. The total 365-day circulating supply has come down to historic lows. At just 21 million tokens, the last time BNB’s circulating supply was this low BNB price traded at $17 in July of 2020.
Santiment’s Price, Volume and 365-Day Circulating Supply
When combined Binance Coin price shows great potential for an Autumn rally. Invalidation of the uptrend scenario is 10 % below the urrent market value at $240.
If the bears breach this level, consider this thesis void, they could be able to re-route south targeting the 200-week moving average currently positioned at $171. Such a move would result in a 35% decline from the current BNB price.