BNB Price Under $600 Finds Reversal Spot, Eyes 30% Upside

Published by

Sohrab Khawas

April 15, 2024

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.

Also Check Out : Top 7 Altcoins to Buy for 20–50x Growth Post Binance Listing

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.