Binance Coin (BNB) Coils Up Before 20% Rally – Price Analysis

  • BNB has consolidated for nearly ten days, suggesting a potentially massive move.
  • A breakout may trigger an 18% rally to fill the $453.86 FVG.
  • A 4Hr candle close under $436.3 will cancel the optimistic thesis.

Binance Coin (BNB) suffered a colossal flash crash from 20 January to 22 January. That broad market crash triggered the downswings. Though most alternative coins have recovered from the plummet, BNB coiled up over the past ten days, indicating a potential massive bounce.

BNB Price Ready for Upsurge

Binance Coin lost around 30% of its value between 20 January and 22 January. The overall crypto space suffered this sudden slump, but most have recovered to trade beyond their 20 January levels.

However, Binance Coin appears to take its time, coiling up over the past ten days. The price action squeeze and consolidation indicate that BNB is forming a launchpad for a massive upward move. Furthermore, the FVG (Fair Value Gap) stretching between $402.53 and $453.86 supports the breakout narrative.

Therefore, market participants may expect the altcoin to gain around 18% towards $453.86. Moreover, Binance Coin might extend its uptrend to 200- and 50-day SMA confluence around $466.68, translating to a total of 21% run-up.

However, failure to trigger uptrends might lead to a plunge to retest the value levels at $357.45. Losing this barrier will see Binance Coin sliding to gather liquidity beneath the $336.3 support floor. Though market makers may see price levels beneath $336.30 lucrative, continued price movements below this barrier will violate the bullish narrative.

Meanwhile, BNB may depend on the overall crypto market trend for its movements. For now, the broad crypto market prints unpredictable movements. While publishing this blog, the global cryptocurrency market cap stands at $1.67 trillion, following a more than 4% 24hr drop.

Bitcoin seems weak to conquer the value levels between $38,500 and $39,000. While writing this news, BTC hovers at $38,603. Bullish actions by Bitcoin will overcome near-term hindrances, catalyzing upward moves in the overall crypto spectrum. That way, BNB can surge without hurdles. For now, Binance Coin trades at $384.9, ranking 4th in Coinmarketcap.

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