Could BNB price fall above $750 if a double bottom pattern forms?

BNB price continued to rise this week as bulls attempted to confirm a break above the key neckline resistance zone, and a bullish double bottom structure on the daily chart indicates there is room for further upside towards the $750 region.

According to data from crypto.news, the price of BNB (BNB) was trading around $687 as of press time on May 15, after briefly rebounding above $690 early in the session. As sentiment surrounding the Binance ecosystem continues to improve, the token has now recovered nearly 18% from its April low of $580.

BNB’s recent rally appears to have been fueled by a combination of institutional, ecosystem, and regulatory catalysts unique to the token.

One of the biggest drivers is the continued growing market optimism surrounding a spot BNB ETF offering, with asset managers seeking broader institutional exposure to the token. Investor sentiment also strengthened as the recently launched leveraged Teucrium 2x Long Daily BNB ETF continued to attract interest from traditional market participants looking for increased exposure to Binance Coin.

At the same time, BNB Chain has continued to expand its role within the tokenized real-world asset sector. Recent integrations involving institutional tokenization initiatives and the network’s stablecoin infrastructure have strengthened expectations that BNB Chain could become a larger player in blockchain-based financial payment systems.

The network has also benefited from improved on-chain activity in recent weeks. Decentralized exchange volume, stablecoin transfers, and BNB Chain ecosystem participation have all shown signs of recovery alongside the broader cryptocurrency market rebound.

Meanwhile, investor sentiment on Binance itself has improved slightly following months of pressure related to US regulatory and compliance investigations earlier this year. The intensity of these concerns fading appears to have helped reduce bearish pressure on BNB during the recent recovery phase.

Derivatives positioning has also become increasingly optimistic. CoinGlass data shows that open interest rates are rising and funding ratios are positive in recent sessions. This indicates that traders are continuing to build long exposure as momentum strengthens.

BNB price analysis

On the daily chart, BNB appears to be forming a bullish double bottom pattern, with two major lows established near the $580 support area over the past few months.

The neckline of the pattern is currently near the $680-$690 resistance zone, where the bulls are resolutely trying to recover. A confirmed break above the neckline could validate the pattern and add the formation height to the breakout level, potentially triggering a measured move towards the $780 area.

Additionally, the current setup shows that BNB continues to trade firmly above the Supertrend indicator near the $627 region while gradually reclaiming higher lows, indicating that buyers are maintaining control of the broader trend for now.

Momentum indicators continue to support the optimistic outlook. The MACD recently completed a bullish crossover and the histogram continues to show an enlarged green bar. This indicates that upward momentum will remain intact even if the price moves sideways below resistance in the short term.

Meanwhile, the broad recovery structure remains constructive as long as BNB remains above the key $650 support area. A successful break above the neckline resistance could strengthen the momentum towards the psychological $700 level, followed by the $750-$780 area.

However, failure to hold above the current support level could weaken the bullish setup and potentially trigger a pullback to the $627 and $600 support areas that buyers had previously aggressively re-entered.