Binance BNB Breaks Major Head and Shoulders Pattern: All Eyes on $717

Binance Coin’s price approaches the $650 milestone, marking a crucial bullish breakout. Will 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, with an intraday recovery of 1.05%. Will this bullish breakout push Binance Coin to $717?
Binance Coin Marks Inverse Head and Shoulder Pattern Breakout
On the 4-hour price chart, Binance Coin’s price trend shows a bullish breakout above the 61.80% Fibonacci level, priced at $639.

With the continued bullish momentum, the broader picture indicates a breakout of an inverse head-and-shoulders pattern. The neckline of this bullish pattern coincides with the 61.80% Fibonacci level.

As the bullish trend gains momentum, the MACD and signal lines show a positive crossover.

With the resurgence of bullish histograms, the momentum indicator suggests an extended bullish rally. Additionally, the trend reversal is confirmed by the positive crossover between the 100- and 200-EMA lines.

As the Binance Coin price bounces off the 50-EMA line, momentum builds, and buyers anticipate a rise to the previous swing high near $717.
BNB Open Interest Hits $900M
Amid the positive recovery, BNB derivatives data reveals 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 risen 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 accounting for $311,390. While bullish sentiment is increasing, the bulls are seeking additional gains amid the negative funding rate.

Currently, the funding rate stands at -0.0254%, reflecting sellers paying a premium to the bullish players to hold on to their short positions.
Binance Smart Chain Surpasses Ethereum in 7-day DEX Volume
Amid the growing bullish sentiment, the Binance Smart Chain has recorded a 20.74% weekly surge in DEX volume. The 7-day volume on 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.    

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