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Binance BNB aims for $700: Why a bullish breakout is expected soon?

Lachakari_Crypto

March 20

The price of Binance Coin (BNB) is approaching an inverse head and shoulders pattern with bullish potential rising to $700.

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With a bullish return in the cryptocurrency market, Binance Coin is targeting a breakout rally. Currently, it is trading at $626 with a market capitalization of $89.30 billion.

With a price increase of 1.54% in 24 hours, the fifth-largest cryptocurrency aims to break above the supply zone of $640. Will this drive the price of Binance Coin above the $700 mark?

The price of Binance Coin is approaching a bullish pattern breakout

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

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

Marking a strong V-shaped reversal, price action signals a bullish pattern. A short-term recovery suggests a possible breakout rally for an extensive bullish market.

Supporting bullish possibilities, the MACD and signal lines are about to provide a positive crossover.

Additionally, the stochastic RSI lines are bouncing from the oversold region, marking a new positive cycle. Therefore, technical indicators and price action analysis suggest a possible breakout rally in Binance Coin.

The community votes to decide the next listing on the Binance exchange

Amid improving market sentiment, Binance's recent announcement has led to a new bullish wave.