Binance Coin (BNB) surges 1.57% to over $650, breaking a bull flag. EMA crossovers and the Maxwell hard fork fuel a potential rally to $750.
With the crypto market bullish on Wednesday, Binance Coin has crossed $650. The recovery marks a bull flag breakout, hinting at a potential rally to $750, supported by positive EMA crossovers.
Binance Coin Price Analysis
On the daily chart, the Binance Coin price has broken out of the falling channel pattern that has been in place since December 2024. The recent price surge of nearly 15% in early May led to a breakout from the falling channel pattern, with a new peak near $680.
However, due to bullish exhaustion, BNB recently retested the $637 support level, which was highlighted by the late March peak. With the intraday surge, BNB Coin has marked a bullish breakout from the short-term pullback, suggesting an extended recovery.
Based on the bull flag formed by the recent breakout rally, BNB Coin shows a 16% breakout potential to reach the $750 milestone. Supporting this bullish outlook, the 50-day EMA has recently surpassed the 200-day EMA, marking a golden crossover.
Additionally, it has surpassed the 100-day EMA, signaling a second positive crossover within just a week. As the bullish influence grows, the daily RSI line rebounds before touching the halfway point, signaling a resurgence in bullish momentum.
Therefore, the technical patterns and indicators suggest a potential rally to the $750 level. However, a short-term hurdle may be encountered near the psychological level of $700.
On the contrary, a potential pullback could retest the $637 support level if the broader market becomes volatile.
Maxwell Hardfork Ignites Bullish Buzz
The surge in optimism driving the bullish trend in BNB is fueled by the announcement of the upcoming Maxwell hard fork. In a recent tweet, Binance Chain highlighted that the Maxwell hard fork will bring three major upgrades to Binance Smart Chain.
The BEP-524 upgrade will reduce the current block time to under 1 second, to 0.75 seconds. Furthermore, BEP-563 aims to enhance the validator network messaging, while BEP-564 will drive smarter fetching logic.
Maxwell introduces three major upgrades:
1️⃣ BEP-524: Reduce block time to 0.75s
2️⃣ BEP-563: Enhanced Validator Network messaging
3️⃣ BEP-564: Smarter block-fetching logicTogether, these changes deliver faster confirmations and stronger consensus at scale:…
— BNB Chain (@BNBCHAIN) May 20, 2025
Rising Short Liquidations Amid OI Nearing $800M Shows Bullish Intent
Notably, the BNB futures market is also witnessing a surge in optimism, highlighted by a 2.56% increase in BNB Open Interest, reaching nearly $800 million. The surge in Open Interest occurs despite $423k in short liquidations over the past 12 hours, reflecting the growing bullish narrative in Binance Coin Futures.
Additionally, the OI-weighted funding rate of 0.0033% reflects strong bullish intent compared to previous levels. Thus, the BNB derivatives data indicate an overall bullish anticipation for an extended rally.
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