With the bullish breakout rally of a rounding bottom pattern fueling the BNB price uptrend, the buyers are lining up for the altcoin. As the uptrend sustains above the $250 mark, the chances of a bullish year for Binance in 2024 improve significantly.
Moreover, the ongoing recovery with the Binance price prediction of starting the 2024 year at higher levels.
Source- Tradingview
The recovery phase with the 38.20% Fibonacci level breakout at $258 marks a new bullish beginning for the BNB price trend. As the uptrend shows a post-retest reversal from the $258 mark, the buyers are firing their big guns.
Moreover, with the overnight jump of 11.57% as a post-retest jump, the market demand for Binance token skyrockets. The overnight uptrend crosses the $300 milestone and touches $304 but fails to close above it and ends the day at $297.
Currently, the BNB price trades at $294.6, with an intraday fall of 1.07%, representing a short-term pullback. However, the pushback from buyers results in a long tail formation and completes the retest of 61.80% Fibonacci level breakout.
Technical Indicators:
MACD Bands: The MACD and signal lines are firing up after the recent crossover and fuel the bullish histograms. Therefore, the momentum indicator shows a sharp rise in trend momentum in the Binance trend.
DMI indicator: The rising ADX line supports the sharp increase in trend momentum signal by MACD. Further, the rising VI lines display a bullish trend in BNB price trend.
Will BNB Price Breakout Rally Reach $350?
Currently, the BNB price trades at $294.6 and teases a sharp, bullish move to cross the psychological barirer of $300. Moreover, the Binance buyers find momentum as the overall market recovery gains momentum, which will fuel the uptrend in Binance.
Hence, the rising momentum teases a trend continuation in Binance to reach the $350 milestone, accounting for an almost 20% hike.
On the flip side, a reversal may retest the $280 mark.
