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.

Binance Coin (BNB) price may be nearing an inverse head and shoulder pattern breakout with bullish potential for a rally to $700.

Binance Coin is showing signs of a breakout rally with a bullish comeback in the crypto market. Currently, it is trading at $626 with a market cap of $89.30 billion.

The fifth-biggest cryptocurrency showed a 24-hour price increase of 1.54%. It is aiming to break past the $640 supply zone. Will this push the Binance coin price above the $700 mark?

Binance Coin Price Nears Pattern Breakout

In the 4-hour price chart, as mentioned in our previous analysis, Binance Coin has clocked in a trendline breakout rally. However, the breakout failed to clear the 61.80% Fibonacci level at the $640 supply zone.

This led to a breakdown of the 50% level at $617, with BNB registering a 24-hour low of $605. But, with the broader market recovery, the price is back in action with four consecutive bullish candles.

Displaying a sharp V-shaped reversal, the price action shows a bullish pattern. A short-term recovery hints at a potential breakout rally for an extended bull run.

To support the upside chances, the MACD and signal lines are on the verge of giving a positive crossover.

Moreover, the stochastic RSI lines bounce back from the oversold region, marking a new positive cycle. Thus, the technical indicator analysis and 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, a 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 will let the community vote for 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 Surpass $700?

According to 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, which is near the $600 psychological mark.