- BNB price targets $700-$717 if it surpasses the $640 resistance.
- Inverse head and shoulders pattern signals a potential rally.
- Binance’s community-driven token listing adds bullish momentum.
Binance Coin (BNB) is forming a bullish inverse head and shoulders pattern, suggesting a potential breakout. Currently trading at $620 range, BNB has seen a 1.54% price increase in the last 24 hours, with the market cap reaching $89.3 billion.
As the crypto market rebounds, investors are eyeing a breakout above $640, which could push the coin past $700. Meanwhile, Binance’s new community voting campaign for token listings adds excitement and could further drive demand for BNB.
BNB’s Bullish Setup Points to $700
BNB recently broke a key trendline resistance but struggled to hold above $640, leading to a dip to $605. However, with a sharp V-shaped recovery, BNB is back in action, forming four consecutive bullish candles.
Technical indicators further support a bullish outlook:
- MACD and signal lines are on the verge of a positive crossover.
- Stochastic RSI is rebounding from the oversold region, suggesting renewed momentum.
A breakout above the $640 supply zone could push BNB to $700-$717, aligning with Fibonacci targets.
Binance has launched its first-ever Vote to List campaign, allowing users to vote for the next token to be listed on the exchange. The voting, which runs from March 19 to March 26, requires users to hold at least 0.01 BNB to participate.
This community-driven event is expected to boost engagement and drive further demand for the coin.
With the inverse head and shoulders pattern nearing completion, a bullish breakout could see the price:
- Surge to $717 (100% Fibonacci target).
- Extend gains to $778 (1.272 Fibonacci level).
However, $600 remains key support, with any pullback likely stabilizing near this psychological mark. If the bullish momentum holds, the coin could soon reclaim $700 and beyond.
