Binance BNB Targets $700 Amid Consecutive Price Gains

Binance Coin (BNB) hit a seven-day high amid bullish momentum and rising interest in derivatives.

With Bitcoin holding above $109,000, BNB has recorded its 5th consecutive day of gains, resulting in a surge of over 6%. Could this short-term rally in BNB drive the price toward the $700 psychological mark?

Binance Coin Price Analysis

On the daily chart, Binance Coin has shown a bullish turnaround from a brief dip below the $637 support level last week, followed by five consecutive bullish candles.

BNB has rebounded from a 4.42% drop last Thursday. With a closing price of $673 on Tuesday, the coin reached a 7-day high.

Currently, BNB trades at $672 with an intraday pullback of 0.21%. However, the long lower wicks on intraday candles suggest strong buying interest at lower levels.

The MACD indicator is nearing a bullish crossover as the negative histogram bars continue to weaken. Furthermore, the RSI line has moved above the midpoint, indicating bullish momentum. These technical indicators support the likelihood of an upward trend in BNB.

Based on the price action, the path of least resistance favors a bullish continuation with an aim for the $700 psychological level.

On the flip side, a potential close below $665 could result in a retest of the $637 support zone.

Optimism Builds in BNB Derivatives

As the short-term recovery gains traction, optimism in the BNB derivatives market has significantly increased.

Data from CoinGlass reveals that open interest in BNB has surged by over 4%, reaching $761.27 million. This rise signals increased trader participation, while the elevated funding rate of 0.0034% reflects stronger bullish sentiment.

Additionally, the long-to-short ratio remains above 1, indicating a slightly higher proportion of long positions.

Notably, 24-hour liquidation data highlights a skew toward bearish traders. Short liquidations were $385,000, while long liquidations were only $137,000.