Binance Coin, Lower High ($300 Target Fully Explained)Binance Coin produced two major highs, marked here as March and May-April. After these highs, there was an attempt at a bullish breakout that failed. This produced a peak in June 2024. After this peak we have a major drop.
The June 2024 peak, we are going to ignore.
From this action, we are going to take the March and May-April highs as resistance. This would be our relative highs.
For Binance Coin to turn bullish based on technical analysis, it would need to move and close above these resistance levels, established earlier this year.
The major drop that started in June ended in August right at the 0.618 Fib. retracement level, relative to the bullish wave that started after the October 2023 price low.
This August low led to a pull-back and we are currently seeing a lower high being formed. The lower high remains valid as long as BNBUSDT trades below the March, May-April low shown with purple lines on the chart.
As long as BNBUSDT remains below these levels, we can expect another drop leading to a lower low. The lower low would send prices to next Fib. retracement level, 0.786. This is $314. When we consider the bearish momentum that can develop and the candle wick, Binance Coin can easily hit $300 if it fails to break resistance in the coming weeks.
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