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 aims for a breakout rally. Currently, it is trading at $626 with a market cap of $89.30 billion.
With a 24-hour price surge of 1.54%, the fifth-biggest cryptocurrency is aiming to surpass the $640 supply zone. Will this drive the Binance coin price above the $700 mark?
Binance Coin Price Nears Bullish Pattern Breakout
In the 4-hour price chart, as mentioned in our previous analysis, Binance Coin has marked a trendline breakout rally. However, the breakout failed to surpass the $640 supply zone near the 61.80% Fibonacci level.
This resulted in the breakdown of the 50% level at $617, with BNB registering a 24-hour low at $605. However, with the broader market recovery, the price is back in action with four consecutive bullish candles.
Marking a sharp V-shaped reversal, the price action signals a bullish pattern. A short-term recovery hints at a potential breakout rally for an extended bull run.
Supporting the upside chances, the MACD and signal lines are on the verge of giving a positive crossover.
Furthermore, the stochastic RSI lines bounce back from the oversold region, marking a new positive cycle. Hence, the technical indicators and the price action analysis hint at a potential breakout rally in Binance Coin.
Community Votes to Decide Next Listing on Binance Exchange
Amid the improving market sentiments, the recent announcement from Binance has led to a new bullish wave. The largest centralized crypto exchange has launched its first-ever Vote to List round.
This campaign lets the community vote on which token on the BNB Chain will get the next Binance listing. Voting will take place on Binance Square among several candidates, running from March 19 to March 26.
To participate, users must hold at least 0.01 BNB. With real-time result displays, the final listing will undergo Binance’s review process.
BNB Coin Price To Exceed $700?
Based on the Fibonacci levels, the 61.80% Fibonacci level serves as the neckline for the inverted head and shoulders pattern. A bullish breakout will likely target the 100% Fibonacci level at $717.
This points to the possibility of BNB reclaiming the $700 psychological mark with this pattern breakout. Furthermore, the Fibonacci levels extend the price target to $778, based on the 1.272 Fibonacci level.
On the flip side, crucial support remains at the 38.20% Fibonacci level, near the $600 psychological mark.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
