Binance Coin (BNB) Eyes $1,500 Within Current Trend: Elliot Wave Analysis

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The crypto fall has resulted in a massive bullish trend and at present, almost every cryptocurrency is experiencing massive gains. The Binance Coin is no different to this trend. Recently, experts have predicted that the Binance coin is unloading a trend wave that could reach almost $1500 within the next few months.  Here is an Eliot Wave analysis for the same. But first, let’s clear our basics. 

What is Elliott Wave Theory?

The central idea of Elliot Wave Theory is that stock patterns move the same patterns even on different sales. This is because market trends are heavily dependent on the psychology that drives the market. 

A basic Elliot Wave pattern consists of five-stage waves in the direction of the primary market trend and three opposite to it. 

The waves in the direction of the market trend are called motive waves whereas the waves in the opposite direction are called corrective waves. 

Elliot Wave Analysis for BNB

Let us consider March 2020as the starting point. The price was low at this time due to the pandemic. The graph for the same shows that there are only four waves, instead of five. This implies that the BNB right now is enjoying the last of the flourishing market trend before it settles down into a meaningful low. 

However, the market is currently fractile and one can expect the fifth wave to open in five waves in itself. This predicts that BNB can also have new all-time highs. 

When one uses Eliot wave analysis, market geometry is at play. This results in the waves and trends being related to each other. Therefore, one can also predict how long the fifth wave might carry. 

Looking at the graph at the time of writing these sticks, the fifth wave showed a gain of $741. Which even though is a high gain but is still less than the expected amount.

Conclusion

Looking at the above stats, what is your opinion? Should one invest in BNB right now? 

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