[Binance Coin (BNB) Breaks Above $500, Fueling Bullish Dreams Towards $700]
Binance Coin (BNB) quickly rebounded to break above the psychological $500 barrier again, rising 8.95% overnight, showing strong upward momentum. As the crypto market once again surpasses the $2 trillion mark, BNB’s price trend shows a bullish reversal, gradually weakening the recent downward correction.
On the weekly chart, BNB fell back from the $700 highs to the $400 mark, but later rebounded strongly at this key support level. After an overnight gain of 8.95%, BNB rebounded 26.18% from a low of $403 to once again top the $500 mark. The rebound showed strong market demand and improved overall market sentiment.
Technical indicators also support this uptrend. The weekly RSI line shows a slight divergence, while a bullish crossover on the VI line further reinforces BNB’s uptrend. Optimism also grew in derivatives markets, with open interest rising 1.61% to $464 million.
The long-short ratio data shows that Binance traders are extremely bullish on the market, with the overall long-short ratio at 1.409. BNB’s rally is accelerating as buyers take control. Based on Fibonacci levels, BNB is expected to test as high as $662 and possibly even extend to $787 or $945 levels.
