BNB Price Recovery Speeds Up, Eyes $350 This Week!
The post BNB Price Recovery Speeds Up, Eyes $350 This Week! appeared first on Coinpedia Fintech News
Gaining the bullish momentum as we step ahead into 2024, the BNB price trend refuels the uptrend with a retest phase going well. The post-retest bounce back, and the buyers reclaiming the lost Fibonacci level marks an entry opportunity for sideline buyers.
Moreover, the bullish trend as the market takes a step back reflects the dominant bulls actively taking over the trend. This supports the Binance price prediction of starting the 2024 year to take over higher levels.
Source- Tradingview
With the BNB price fracturing multiple resistances in the daily chart, the buyers are in a frenzy to hoard more at an extra premium. Following the $300 breakout, the uptrend in Binance grows stronger and retests the bullish break this week.
The uptrend accounts for a jump of 56% within the last 90 days, with the trading volume spikes supporting the frequent price jumps. As of now, BNB price reverses from the $300 retest and is ready to surpass the previous spike at $323.
Currently, the BNB price trades at $320.5 with an intraday rise of 1.42%, representing today’s bullish momentum. Further, the intraday jump puts the Binance strong above the 78.60% Fibonacci level and teases a bull run beyond.
Technical Indicators:
MACD Bands: The short-term reversal and the consolidation led to a stagnancy in MACD and signal lines, teasing a negative crossover. However, the ongoing recovery might soon avoid the crossover and fuel the recovery to higher levels.
EMA: The rising 20D and the 50D EMA projects a strong uptrend in motion.
Will BNB Price Breakout Rally Reach $350?
Currently, BNB is trading at $320.5, and it’s looking to make a sharp, bullish move to break through the previous swing high at $323. The overall market recovery is gaining momentum, which is fueling the uptrend in BNB. This rising momentum suggests that BNB could continue to trend higher and reach the $350 mark. It could even go as high as $400 in 2024.
On the other hand, a reversal may test the $280 level.
Filed under: Bitcoin - @ January 4, 2024 6:19 am