With the largest crypto exchange, Binance, losing 7% of its market cap in a day, the BNB token price took a dip. The altcoin lost ground above the psychological mark of $600 and cracked below a critical support trendline.
With this breakdown, the dynamics in the Binance price chart shift to the bearish side and warn of a correction. However, the short-term reversal and the underlying demand challenge the shifting dynamics and aim for a bounce back.
So, Will the Binance token price Cross $635? Check out our Binance price prediction and determine if BNB will surge higher in 2024.
Binance Eyes $600 Breakout
Tradingview
With a quick reversal from the psychological mark of $550, the BNB price overcomes the supply pressure. The downfall challenged the 200D EMA with a death cross looming over. However, the reversal rally teases a comeback shortly.
Following the 7% drop, the BNB price showcases a recovery rally within 48 hours, leading to a 4.10% jump. Further, the 4H chart showcases a double-bottom reversal rally, to retest the broken trendline.
The broken trendline nullifies the ascending trendline, however, the high momentum reversal rally eyes to rechallenge $635. Currently, the Binance price trades at $576.8 with an intraday jump of 1.57%, reflecting a bullish comeback for the altcoin.
Technical indicators:
RSI Indicator: The RSI line reverses from the oversold boundary, teasing a bounce back in the underlying sentiments.
Will BNB Price Cross $700?
Despite the buyers failing to drive the ascending trendline to completion, the BNB token price shows a comeback. The underlying demand fuels the recovery rally with a double-bottom reversal. Further, the market recovery adds momentum to the altcoin recovery.
Optimistically, the BNB price could reach the $763 mark, per the trend-based Fibonacci level, if it breaks above $635. However, a correction in the overall market could plunge the altcoin to $500.