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.
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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