Gaining Bullish Momentum in 2024
The BNB price trend is gaining bullish momentum as we step into 2024, with a successful retest phase fueling the uptrend. The post-retest bounce back and the buyers reclaiming the lost Fibonacci level present an entry opportunity for sideline buyers.
Dominant Bulls Taking Control
Moreover, the bullish trend, as the market takes a step back, reflects the dominant bulls actively taking over the trend. This supports the Binance price prediction for the start of 2024, aiming for higher levels.
Breaking Resistance Levels
With the BNB price fracturing multiple resistances in the daily chart, buyers are eager to hoard more at an extra premium. Following the $300 breakout, the uptrend in Binance grows stronger and retests the bullish break this week.
Impressive Uptrend Stats
The uptrend accounts for a jump of 56% within the last 90 days, with trading volume spikes supporting frequent price jumps. As of now, BNB price reverses from the $300 retest and is poised to surpass the previous spike at $323.
Current Trading Status
Currently, the BNB price trades at $320.5 with an intraday rise of 1.42%, representing today’s bullish momentum. The intraday jump puts Binance above the 78.60% Fibonacci level, teasing a bull run beyond.
Technical Indicators
- MACD Bands: The short-term reversal and consolidation led to stagnancy in MACD and signal lines, teasing a negative crossover. However, the ongoing recovery might soon avoid the crossover and fuel the recovery to higher levels.
- EMA: The rising 20D and the 50D EMA project a strong uptrend in motion.
BNB Price Breakout Potential
Currently, BNB is trading at $320.5 and is poised to make a sharp, bullish move to break through the previous swing high at $323. The overall market recovery is gaining momentum, fueling the uptrend in BNB. This rising momentum suggests that BNB could continue to trend higher and reach the $350 mark, potentially even reaching $400 in 2024.
On the other hand, a reversal may test the $280 level.
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