By Nathan Ferguson
- Binance Coin’s price consolidates near $311 for almost one week.
- Enthusiasts can expect a 20% upsurge towards $370 and fill price inefficiencies.
- A 24hr candlestick closing beneath $285 will cancel the bullish narrative.
Binance Coin (BNB) enjoys a recovery move and seems prepared to extend the uptrend. Price inefficiency supports the upside move as it will likely propel the alternative token high. That came as Bitcoin climbed past 30,000, triggering bullishness in the markets.
BNB Ready for Uptrends
Binance Coin saw a downside move towards the $205 lows on 13 May as the cryptocurrency markets crashed following the UST-LUNA crisis. However, BNB responded with an impressive leg-up towards $267 on that day, following a 30% rebound.
BNB climbed to hover near the $311 mark for nearly one week. Meanwhile, the altcoin recovered around 8% within the past 24 hours and seemed prepared to extend its upside move. Price inefficiency or FVG (Fair Value Gap) up to the $370 mark backs the upside narrative.
For now, enthusiasts can expect BNB to revert towards the mean before filling the FVG. Interested investors might take this chance to profit from the up-and-coming rally, which would comprise a 20% surge.
The barrier at $356 might be a stoppage zone that could prevent the upsurge. Nevertheless, Binance Coin appears primed for a lucrative uptrend in the upcoming days.
Though the optimism in BNB, the altcoin depends on Bitcoin’s trends. A swift downswing in BTC price might destroy Binance Coin’s setup. That can see the alternative token forming a daily candle closing beneath the lately (19 May) printed swing low near $285. Such a move would annul the bullish tale, and BNB could dip to the support barrier at $267.
As highlighted above, BNB investors need to watch broad market sentiment. Bears remain prevalent despite Bitcoin’s uptick to $30,000. Also, the bellwether assets remain vulnerable to declines beneath the mark. A sharp fall in Bitcoin might ruin BNB’s upside party.
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