BNB Price Aims To Push Beyond $300, Eyes 20% Hike To $350!

The post BNB Price Aims To Push Beyond $300, Eyes 20% Hike To $350! appeared first on Coinpedia Fintech News

With the bullish breakout rally of a rounding bottom pattern fueling the BNB price uptrend, the buyers are lining up for the altcoin. As the uptrend sustains above the $250 mark, the chances of a bullish year for Binance in 2024 improve significantly. 

Moreover, the ongoing recovery with the Binance price prediction of starting the 2024 year at higher levels. 

Source- Tradingview

The recovery phase with the 38.20% Fibonacci level breakout at $258 marks a new bullish beginning for the BNB price trend. As the uptrend shows a post-retest reversal from the $258 mark, the buyers are firing their big guns.  

Moreover, with the overnight jump of 11.57% as a post-retest jump, the market demand for Binance token skyrockets. The overnight uptrend crosses the $300 milestone and touches $304 but fails to close above it and ends the day at $297.

Currently, the BNB price trades at $294.6, with an intraday fall of 1.07%, representing a short-term pullback. However, the pushback from buyers results in a long tail formation and completes the retest of 61.80% Fibonacci level breakout. 

Technical Indicators:

MACD Bands: The MACD and signal lines are firing up after the recent crossover and fuel the bullish histograms. Therefore, the momentum indicator shows a sharp rise in trend momentum in the Binance trend. 

DMI indicator: The rising ADX line supports the sharp increase in trend momentum signal by MACD. Further, the rising VI lines display a bullish trend in BNB price trend. 

Will BNB Price Breakout Rally Reach $350?

Currently, the BNB price trades at $294.6 and teases a sharp, bullish move to cross the psychological barirer of $300. Moreover, the Binance buyers find momentum as the overall market recovery gains momentum, which will fuel the uptrend in Binance. 

Hence, the rising momentum teases a trend continuation in Binance to reach the $350 milestone, accounting for an almost 20% hike. 

On the flip side, a reversal may retest the $280 mark.