Spotting a Reversal: BNB’s Sub-$600 Price Targets 30% Upside

Introduction

With the largest crypto exchange, Binance, experiencing a 7% decline in its market cap in a single day, the price of its token, BNB, saw a notable dip. This caused the altcoin to slip below the significant threshold of $600 and break through a crucial support trendline.

As a result of this breakdown, the dynamics within the Binance price chart have shifted towards the bearish side, indicating a potential correction. However, the short-term reversal and underlying demand present challenges to these shifting dynamics and suggest a possible bounce back.

So, the question arises: Will the Binance token price cross $635? Let’s delve into our Binance price prediction to ascertain if BNB will indeed surge higher in 2024.

Binance Eyes $600 Breakout

Following a swift reversal from the psychological barrier of $550, the BNB price managed to overcome supply pressure. Despite facing challenges such as the looming threat of a death cross over the 200-day exponential moving average (EMA), the reversal rally hints at a potential comeback.

After the 7% drop, the BNB price displayed a recovery rally within just 48 hours, resulting in a 4.10% increase. Additionally, the 4-hour chart revealed a double-bottom reversal pattern, indicating a retest of the broken trendline.

Although the broken trendline invalidated the ascending trendline, the high-momentum reversal rally aims to retest $635. Currently, the Binance price is trading at $576.8, marking an intraday jump of 1.57% and signaling a bullish resurgence for the altcoin.

RSI Indicator

The Relative Strength Index (RSI) line has reversed from the oversold boundary, hinting at a potential bounce back in underlying sentiments.

Will BNB Price Cross $700?

Despite buyers failing to push the ascending trendline to completion, the BNB token price has shown signs of a comeback. The underlying demand has fueled a recovery rally, supported by a double-bottom reversal and overall market recovery momentum.

Optimistically, the BNB price could reach the $763 mark, according to the trend-based Fibonacci level, if it successfully breaks above $635. However, a correction in the overall market could potentially drive the altcoin’s price down to $500.