Anticipating an Imminent Bullish Breakout

Binance Coin (BNB) Price Nears an Inverse Head and Shoulder Pattern with Bullish Potential Rising to $700

With a bullish comeback in the crypto market, Binance Coin is setting the stage for significant price action. Currently trading at $626, with a market cap of $89.30 billion, BNB is seeking to gain traction amid shifting market sentiments.

In the past 24 hours, BNB experienced a price surge of 1.54%, pushing it closer to the $640 supply zone. This poses the question: Will BNB’s momentum drive it above the $700 mark?

Binance Coin Price Nears Bullish Pattern Breakout

Analyzing the 4-hour price chart, as previously discussed in our analysis, Binance Coin has recently marked a trendline breakout rally that initially seemed promising. Unfortunately, it faced resistance at the $640 supply zone, particularly near the critical 61.80% Fibonacci retracement level.

Following this, BNB dipped below the 50% Fibonacci retracement level at $617, registering a 24-hour low of $605. However, a broader market recovery has sparked renewed interest, allowing Binance Coin to regain momentum, evidenced by four consecutive bullish candles.

This swift recovery is marked by a distinct V-shaped reversal, indicating a bullish market sentiment and suggesting a potential breakout rally for an extended bull run. The present price action highlights a growing bullish pattern that’s hard to ignore.

Technical indicators further corroborate this bullish sentiment. The MACD and signal lines are on the cusp of a positive crossover, a classic indicator of rising momentum. Additionally, stochastic RSI lines are rebounding from the oversold territory, hinting at the onset of a fresh positive cycle. Together, these analyses and indicators suggest a compelling case for a breakout rally in Binance Coin.

Community Votes to Decide Next Listing on Binance Exchange

Amidst improving market dynamics, Binance’s recent announcement has injected fresh enthusiasm into the community. The largest centralized crypto exchange has initiated its inaugural Vote to List campaign, empowering users to dictate which token from the BNB Chain will secure a future listing on Binance.

This initiative allows the community to engage directly in the decision-making process, with voting set to occur on Binance Square from March 19 to March 26. Participants only need to hold a minimum of 0.01 BNB to cast their vote, making it accessible to a wide audience. Real-time results are displayed, but the final decision will still undergo Binance’s meticulous review process. This initiative not only enhances community engagement but can also bolster the prices of the vying tokens.

BNB Coin Price To Exceed $700?

Examining Fibonacci retracement levels reveals that the 61.80% level acts as the neckline for the current inverse head and shoulders pattern. A successful bullish breakout from this pattern would likely target the 100% Fibonacci level, currently at $717. This sharp breakout presents a strong possibility for BNB to reclaim the pivotal $700 psychological mark.

Moreover, the Fibonacci analysis does not stop there; it extends price targets even further, with a potential assessment reaching $778 based on the 1.272 Fibonacci level. This prospect creates an intriguing scenario for traders and investors alike, as the market positions itself at a crucial juncture.

However, not all signs are pointing upwards. Key support lies around the 38.20% Fibonacci level, which hovers near the $600 psychological threshold. Should BNB descend to this level, it could serve as a pivotal point for reviving bullish momentum or indicating further bearish pressure.