BNB price prediction: Altcoin price ready for recovery rally

BNB Coin price surpassed the daily resistance level of $255 on December 20, 2023. This led to a 27% rally. This movement formed a local hill. Thus, the altcoin eventually pulled back 13% to $293, where it is currently trading. If the ongoing correction continues to push BNB down, it will fall into the $285 to $268 imbalance zone. This area was formed when the altcoin surged 12% on Dec. 26, 2023. An imbalance zone, also known as a Fair Value Gap (FVG), occurs when there is a significant discrepancy between buying and selling pressure at a given price level.
Usually, the re-entry of the price into this area results in a sudden increase in buying pressure. Therefore, the altcoin price will likely witness a similar increase after the $285 to $268 buy-side enters the imbalance zone. It is possible that the resulting bounce will increase BNB by 18%, garnering buy-side liquidity that stands above $337. Furthermore, if the bullish momentum remains strong and the price of Bitcoin recovers, the altcoin-buying frenzy could continue. In the event of such a rise, the BNB will likely rise. In this case, it is likely to label the 161.8% Fibonacci Retracement level at $403. This move would yield a 42% gain from the upper bound of the buy-side imbalance.
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