Binance Coin Shows Signs of Recovery: Can It Push to $700?

Binance Coin (BNB) shows a brief recovery after a massive market crash, trading above the 100-day EMA at $644. Will this momentum push BNB towards $700 or result in a deeper correction? Recovering after the massive crash in the crypto market, Binance Coin is up nearly 2% on Friday, trading at a market price of $643. The entire recovery is based on the 100-day EMA, and Binance coin is yet to recover the 4.42% drop from Thursday. Will this short-term recovery reinstate the bullish trend in motion?  BNB Coin Price Analysis In the daily chart, the BNB coin price reveals a bullish struggle to reach the $700 psychological level. This has resulted in a bearish turn, accounting for an over 1% drop last week, followed by a 2.5% decline so far this week.

However, the intraday recovery in Binance Coin of over 1.5% on Friday helped sustain the altcoin above the 100-day EMA at $633. Currently, the altcoin trades at $644 and exceeds the 50-day EMA at $642.  With the resurgence of bullish momentum, the RSI line experiences an uptick despite briefly falling below the halfway level. This suggests the possibility of a fresh recovery if the RSI line resurfaces above the halfway level.  Meanwhile, the positive alignment of the 50-, 100-, and 200-day EMA lines signals a bullish trend in motion. As per the price action analysis, a daily closing above the 50-day EMA at $642 could increase the likelihood of Binance Coin re-challenging the $700 psychological mark.  Furthermore, the breakout rally of a previous falling channel pattern remains intact as Binance Coin avoids a steeper correction.  However, a pullback beneath the 200-day EMA at $624 could result in a steeper correction to the $600 psychological level. This will reinstate a bearish trend, potentially extending the downfall to the $554 support level. BNB derivatives Despite the intraday recovery, the BNB coin faces a significant backlash in the derivatives market as a bearish sentiment surge. The open interest is down by 3.61% to $757.70 million, reflecting a decline in traders' interest.

Additionally, the liquidations over the past 24 hours have surged to $2.18 million, reflecting the massive wipeout of bullish players. With the wipeout, the long-slash-short ratio has dropped to 0.7361, indicating a significant increase in short positions.  This is further supported by the massive drop in over-weighted funding rate to 0.0178%, suggesting the bearish players are willing to pay a premium to hold onto their selling positions.