Binance Coin (BNB) Price Approaches the $650 Milestone, Marking a Crucial Bullish Breakout

As the crypto market gradually recovers, Binance Coin (BNB) has surged 3.20% over the past 24 hours.

Binance Coin’s price has approached the $650 milestone, marking a crucial bullish breakout. Could this drive the BNB price above $700?

As the crypto market gradually recovers, Binance Coin (BNB) has surged 3.20% over the past 24 hours. With a streak of positive candles on the 4-hour chart, BNB has broken out bullishly.

Currently, Binance Coin trades at a market price of $644, showing an intraday recovery of 1.05%. As the bullish trend continues, could this push Binance Coin to $717?

Binance Coin Marks Inverse Head and Shoulder Pattern Breakout

According to the 4-hour price chart, Binance Coin’s price trend shows a bullish breakout above the 61.80% Fibonacci level, which is priced at $639.

As the broader picture unfolds, this breakout also marks the completion of an inverse head-and-shoulders pattern. Notably, the neckline of this bullish pattern coincides with the 61.80% Fibonacci level.

Furthermore, as the bullish trend gains momentum, the MACD and signal lines are demonstrating a positive crossover.

With the resurgence of bullish histograms, the momentum indicator suggests an extended bullish rally.

The trend reversal is also confirmed by the positive crossover between the 100- and 200-EMA lines.

As the Binance Coin price bounces off the 50-EMA line, buyers anticipate a rise to the previous swing high, which is nearly $717.

BNB Open Interest Hits $900M

In other developments, the BNB derivatives data highlights a 9.93% surge in open interest, reaching $940 million. This indicates a significant increase in traders’ interest in Binance Coin.

Moreover, the long-to-short ratio has increased to 0.9968, showing neutrality in bullish and bearish positions. However, the long-to-short ratio on major exchanges like Binance and OKX is more bullish.

Liquidations over the past 24 hours have surged to $451,070, with short-side liquidations amounting to $311,390. Despite the increasing bullish sentiment, the bulls seem to be seeking additional gains amid the negative funding rate.

Currently, the funding rate stands at -0.0254%, which implies that sellers are paying a premium to the bullish players to hold onto their short positions.

Binance Smart Chain Surpasses Ethereum in 7-day DEX Volume

In a related development, the Binance Smart Chain has reported a 20.74% weekly increase in DEX volume.

The 7-day volume on the Binance Smart Chain now totals $13.25 billion, surpassing Ethereum’s $10.05 billion.

This positive trend in Binance Smart Chain activity is likely to drive an increase in demand for BNB, pushing the market price higher.