- Binance displays a sideways shift in price trend over the past few weeks as the market slowdown begins.
- The BNB price sustains above $300 despite the recent crash in Bitcoin and the majority of altcoins.
- Considering the BNB price manages to bounce back, the reversal trend can challenge the 52-week of $352.2.
With the ongoing crash in the crypto market, the impact on BNB price leads to a sharp drop of 4.08% overnight. The native token of Binance takes a quick reversal from the $320 mark, threatening a deeper correction for short-term traders.
The quick drop undermines the recent V-shaped reversal from the crucial mark of $300 and warns of a second brawl. Moreover, with the ongoing sell-off in the overall market, the chances of a bearish trend are increasing and hurting the overall sentiments.
Despite the looming bearish clouds, the long-term market predictions are expecting a bullish 2024. With multiple catalysts along the way, our Binance price prediction projects how high will BNB price go in 2024?
As the overnight drop changes the dynamics of the BNB price trend from a recovery position to a pullback phase, the altcoins are facing serious pressure. However, Binance keeps an overall positive trend in motion, and the minor drop seems like a retest in sync with the market movement.
With a 51% growth in the last 100 days, the BNB price is gaining momentum to drive the uptrend and is positioned well above $300. Further, with the $15.69 Billion 24-hour trading volume, Binance places itself as the top centralized crypto exchange.
Currently, the BNB price trades at $310.8 with an intraday rise of 1.67%, representing a stronger comeback following the late-night jump. Hence, the underlying demand for the BNB token is strong and may push past the 52-week high of $352 under a recovering or comparatively stable market condition.
MACD Indicator: With the quick reversal in the BNB price, the MACD and signal lines fail to give a bullish crossover. Further, with the increasing intensity of the bearish histograms, the momentum indicator showcases a strong bear attack last night.
Will BNB Price Manage A Reversal This Week?
With a 4% drop at the start of this week, the tone is set bearish for the BNB price trend. However, the intraday growth and the prevailing uptrend light the hope of a bull run above the $320 mark.
As per the Fibonacci levels, the 78.60% Fibonacci level breakout at $320 can result in a price jump to the $350 mark. On the other hand, a reversal may test the $300 psychological mark.