Binance Price Prediction: Will BNB Token Price Cross $635 and $700 in 2024?
Binance, one of the largest crypto exchanges in the world, recently experienced a significant drop in its market cap, leading to a dip in the price of its native token, BNB. The altcoin lost ground above the $600 mark and cracked below a critical support trendline, signaling a shift in the dynamics of its price chart towards the bearish side.
Despite this breakdown, there are signs of a potential reversal in the short term, with underlying demand challenging the shifting dynamics and aiming for a bounce back. The BNB price currently trades at $576.8, with an intraday jump of 1.57%, reflecting a bullish comeback for the altcoin.
Technical indicators, such as the RSI indicator, suggest a potential bounce back in the underlying sentiments, further supporting the possibility of a reversal rally for BNB. The recent recovery rally within 48 hours, leading to a 4.10% jump, and the double-bottom reversal pattern on the 4H chart also indicate a potential retest of the broken trendline and a challenge of the $635 mark.
Looking ahead, there is speculation on whether the BNB price will cross $700 in the near future. Optimistically, the altcoin could reach the $763 mark, according to trend-based Fibonacci levels, if it manages to break above $635. However, a correction in the overall market could potentially plunge the price of BNB to $500.
With the crypto market constantly evolving and experiencing fluctuations, it remains to be seen how Binance and its native token, BNB, will fare in the coming days and whether it will indeed surge higher in 2024. Investors and traders will be closely monitoring the price movements and technical indicators to make informed decisions regarding their investments in BNB.
