Binance Coin’s Price Approaches $650 Milestone

As the crypto market gradually recovers, Binance Coin (BNB) has surged 3.20% over the past 24 hours, breaking out bullishly with a market price of $644, showing an intraday recovery of 1.05%. The question is whether this will propel BNB past $700.

Binance Coin Marks Inverse Head and Shoulders Pattern Breakout

On the 4-hour price chart, BNB shows a bullish breakout above the 61.80% Fibonacci level at $639. With continued bullish momentum, the price trend indicates a breakout of an inverse head-and-shoulders pattern, with the neckline coinciding with the Fibonacci level.

Binance Coin Price Chart

As the bullish trend strengthens, MACD and signal lines show a positive crossover. The resurgence of bullish histograms suggests a potential extended rally. The trend reversal is confirmed by a positive crossover between the 100- and 200-EMA lines. BNB’s price bouncing off the 50-EMA indicates growing momentum, leading buyers to anticipate a rise towards the previous swing high near $717.

BNB Open Interest Hits $900M

In a sign of positive recovery, BNB derivatives data reveals a 9.93% surge in open interest, reaching $940 million, indicating growing trader interest. The long-to-short ratio has risen to 0.9968, showing neutrality in market positions, while major exchanges like Binance and OKX reflect a more bullish stance. Liquidations have surged to $451,070, with short-side liquidations at $311,390. Although bullish sentiment rises, bulls seek additional gains despite a negative funding rate of -0.0254%.

Binance Smart Chain Surpasses Ethereum in 7-day DEX Volume

With increased bullish sentiment, the Binance Smart Chain has recorded a 20.74% weekly surge in DEX volume, totaling $13.25 billion and surpassing Ethereum’s $10.05 billion. This surge is likely to drive demand for BNB and push its market price higher.