Binance Coin (BNB) Price Prediction 2023-2024: Will BNB Cross $600 and Hit $1000?

Bitcoin's bearish turn of events puts the altcoin segment on the back foot with a bloodbath in many top coins. Amidst such situations, the BNB price trend

Bitcoin’s bearish turn of events puts the altcoin segment on the back foot with a bloodbath in many top coins. But amidst such situations, the BNB price trend glimmers with a shining hope of revival.

An overnight price jump sets the stage for the $600 level breakout, and the price action reveals multiple bullish patterns. So, will the changing dynamic in the underlying sentiments of Binance lead to a new all-time high above $716? Will the Binance price prediction of $1,000 in 2024 stand true? Let’s find out!

Key Points:

BNB Price Analysis

Constricting the current flow of recovery, a short-term resistance trendline restricts BNB price under $600. Currently, the Binance token trades at $586 with an intraday drop of 0.30% following the overnight jump of 2.42% to form a bullish engulfing candle.

Tradingview

With two converging trendlines in the daily chart, the BNB price action forms a triangle pattern. Further, with a neckline at $600, the altcoin teases an inverted head and shoulder pattern for a massive upside move.

Tradingview

Even in the weekly timeframe, a massive inverted head and shoulder can be traced out with a neckline at $662. Hence, the underlying sentiments relating to the Binance token are super bullish.

Technical indicators:

RSI Indicator: The daily RSI line above the halfway line gives a positive uptick and bolsters a bullish narrative.

EMA:  The 50D EMA provides constant support to the BNB price and teases an uptrend continuation.

BNB Price Analysis: Will BNB Price Cross $600?

According to the trend-based Fibonacci level, the BNB price is facing bearish opposition at the 23.60% Fib level. Further, on the verge of a $600 psychological level, Binance stands at a crossroads. Upon breakout, the bull run in the altcoin could reach the 78.60% Fib level at $826 in the daily chart.

As per the weekly standards, the breakout run could scale to $945 in the coming weeks.

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