BNB prepares to recover in response to partnership with liquid staking protocol pSTAKE
- BNB price is on track to make a comeback as Binance Labs announces a strategic partnership with staking protocol pSTAKE.
- The partnership is expected to bring more liquidity to the BNB ecosystem.
- Analysts have set a $4,000 to $5,000 target within the next few months for BNB.
Binance Labs has announced a strategic partnership with pSTAKE. This is expected to boost liquidity for the BNB ecosystem and increase the utility and demand for the token.
BNB on track to breakout with new strategic partnership
Binance Labs made a strategic investment in pSTAKE Finance. The venture capital arm was keen on boosting the liquidity of the BNB ecosystem; therefore this strategic investment is key to the BNB ecosystem.
Proof of stake assets on Binance chain can be staked on pSTAKE, and users can mint liquid staked representative tokens to earn rewards and yields.
Amidst the current bloodbath in the crypto ecosystem, BNB price has sustained above $286.20, fueling a bullish sentiment for the altcoin’s recovery.
Proponents believe the strategic partnership could boost BNB’s utility and adoption in the crypto ecosystem.
Ken Li, Executive Director of Binance Labs, was quoted as saying:
Binance Labs is excited to support pSTAKE Finance as they launch BNB liquid staking and bring additional DeFi innovation into the BNB Chain ecosystem. We are excited by the quality of the team leading pSTAKE and look forward to partnering closely.
pSTAKE is a solution that allows users to stake their assets, securing the underlying network. Gert van Lagen, a crypto analyst and trader, has evaluated the BNB price trend and set a bullish target for the altcoin. Based on the Elliottwave channeling method, a $4,000 to $5,000 target is possible within the next few months.
The Elliottwave channeling method is key to market behavior.
$BNB [1W]: #Elliottwave channeling method shows 4-5k is possible within months.
— Gert van Lagen (@GertvanLagen) May 12, 2022
✅Macro 3-4 retraced to the terminus of the 3-4 wave within Macro 2-3 wave (dashed line)
✅1-2 SHARP
✅3-4 FLAT
source: Elliott Wave Principle Key to Market Behavior by Frost and Prechter.#BTC pic.twitter.com/TuII3u5aiL
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
