- Binance Coin (BNB) The price continues to consolidate around $311 for about a week.
- Investors can choose the right strategy, waiting for BNB to rise 20% to $370 and fill the price inefficiency.
- A daily candlestick near $285 will invalidate the bullish argument.
Binance Coin price It is currently on a recovery rally and continues to give positive signals for more uptrends. Another factor that will strengthen the bullish sentiment is price inefficiency, which is likely to push BNB higher.
Binance Coin Price Rises
The market crash triggered after the collapse of the Terra ecosystem caused the Binance Coin price to drop to $205 on May 13. The decline experienced a recovery with the 30% rise that followed immediately and made its investors happy by reaching up to $267.
Since that day BNB price It is trading at around $311. Over the past 24 hours, Binance Coin price has managed to regain 8% of its losses and continues to show an uptrend. It is the Fair Value Gap (FVG) or current price inefficiency of as much as $370 that will reinforce the bullish sentiment.
Investors can expect the Binance Coin price to return to the average and fill the FVG. Interested traders, on the other hand, can take advantage of this opportunity to take advantage of the upcoming rise, which will create a 20% rise.
The $356 resistance could be a resting area that could block the uptrend or stop the rally on its tracks. Either way, BNB looks set for a good rally in the coming days.
Regardless of the optimism in Binance Coin price, a rapid drop in Bitcoin price could cause the BNB setup to fall apart. In such a case, a daily candlestick near the $285 low on May 19 will invalidate the bullish argument. In such a case, BNB could revisit the $267 support level.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.