BNB Price Eyes 52-Week High Breakout: Will The Bear Market Allow?

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With the ongoing crash in the crypto market, the impact on BNB price leads to a sharp drop of 4.08% overnight. The native token of Binance takes a quick reversal from the $320 mark, threatening a deeper correction for short-term traders. 

The quick drop undermines the recent V-shaped reversal from the crucial mark of $300 and warns of a second brawl. Moreover, with the ongoing sell-off in the overall market, the chances of a bearish trend are increasing and hurting the overall sentiments. 

Despite the looming bearish clouds, the long-term market predictions are expecting a bullish 2024. With multiple catalysts along the way, our Binance price prediction projects how high will BNB price go in 2024?

Source- Tradingview

As the overnight drop changes the dynamics of the BNB price trend from a recovery position to a pullback phase, the altcoins are facing serious pressure. However, Binance keeps an overall positive trend in motion, and the minor drop seems like a retest in sync with the market movement. 

With a 51% growth in the last 100 days, the BNB price is gaining momentum to drive the uptrend and is positioned well above $300. Further, with the $15.69 Billion 24-hour trading volume, Binance places itself as the top centralized crypto exchange. 

Currently, the BNB price trades at $310.8 with an intraday rise of 1.67%, representing a stronger comeback following the late-night jump. Hence, the underlying demand for the BNB token is strong and may push past the 52-week high of $352 under a recovering or comparatively stable market condition.

MACD Indicator: With the quick reversal in the BNB price, the MACD and signal lines fail to give a bullish crossover. Further, with the increasing intensity of the bearish histograms, the momentum indicator showcases a strong bear attack last night. 

Will BNB Price Manage A Reversal This Week?

With a 4% drop at the start of this week, the tone is set bearish for the BNB price trend. However, the intraday growth and the prevailing uptrend light the hope of a bull run above the $320 mark. 

As per the Fibonacci levels, the 78.60% Fibonacci level breakout at $320 can result in a price jump to the $350 mark. On the other hand, a reversal may test the $300 psychological mark.