Tuesday, February 27, 2024

BNB Eyes 18% Surge as Price Nears Tipping Point.

The price reduction of Binance Coin (BNB) is almost ready to create a local bottom, which might lead to an erratic and swift recovery rise.

Price of Binance Coin poised for a comeback surge
On December 20, 2023, the price of Binance Coin broke through the daily resistance level of $255, sparking a 27% increase. This move created a local high and ultimately caused a 13% decline to the current trading price of $293.

Should the current correction persist in driving BNB lower, it will enter the $285–268 imbalance region. On December 26, 2023, the Binance-based altcoin surged 12%, creating this area. When the purchasing and selling pressures at a certain price level diverge significantly, an imbalance zone, sometimes called a fair value gap (FVG), forms.

A price reintroduction in this range frequently causes a sharp increase in purchasing pressure. Because of this, the price of Binance Coin should rise similarly after breaking into the buy-side imbalance zone between $285 and $268.

In response, the price of Binance Coin may rise by 18% in order to acquire buy-side liquidity that is resting above $337. Furthermore, the buying frenzy for altcoins can return if the bullish momentum holds and the price of Bitcoin rises. BNB might go higher and reach the 161.8% Fibonacci retracement line at $403 in such a bullish scenario. A 42% gain from the buy-side imbalance’s top limit would result from this strategy.

However, the correction may drive BNB lower if the price of Binance Coin is unable to move out of the imbalance zone, which is located between $285 and $268. A daily candlestick closure below $255 will invalidate the bullish thesis and lead to a lower low than the swing low of $260 on December 24, 2023.

In that scenario, the price of Binance Coin might plummet 9.40% and reach a low of $232 on December 18, 2023.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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