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

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.