Can BNB price break above $750 as a double bottom pattern forms?

BNB price continued to rise this week as the bulls try to secure a break above the key resistance area of ​​the neckline, with a double bottom structure on the daily chart showing the potential for a bigger rally towards the $750 region.

According to data from crypto.news, the price of BNB (BNB) traded around $687 at press time on May 15 after briefly rallying above $690 at the beginning of the session. The token has now gained about 18% since its April low near $580 as sentiment around the Binance ecosystem continues to improve.

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

One of the biggest factors remains the growing market optimism surrounding the pending BNB ETF proposals tied to asset managers seeking broad institutional exposure to tokens. Investor sentiment also strengthened after the recently launched Teucrium 2x Long Daily BNB ETF continued to attract attention from mainstream market participants seeking enhanced exposure to Binance Coin.

At the same time, BNB Chain has continued to expand its role within the tokenized real assets sector. Recent integrations involving the implementation of institutional tokens and stablecoin infrastructure in the network have strengthened the expectation that BNB Chain can become a major player in blockchain-based payment systems.

The network has also benefited from improving on-chain activity in recent weeks. Limited exchange rates, stablecoin transfers, and participation in the BNB Chain ecosystem have all shown signs of recovery near the return of the broader crypto market.

Meanwhile, investor sentiment about Binance itself has improved modestly after months of pressure tied to US regulatory scrutiny and compliance earlier this year. The easing of those concerns appears to have helped reduce bearish pressure on BNB during the latest phase of the recovery.

The position of derivatives has become more and more developed. CoinGlass data has shown rising open interest and positive cash levels in recent times, indicating that traders are continuing to build long-term exposure as momentum strengthens.

BNB price analysis

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

The neckline of the pattern remains near the $680–$690 resistance zone, which the bulls are trying to re-claim in confidence. A confirmed break above the neckline will confirm the pattern and may initiate a moderate move towards the $780 area by adding length to the breakout level.

The current setup shows BNB slowly seeking a higher low while continuing to trade firmly above the Supertrend indicator near the $627 region, indicating that buyers are currently maintaining broad control of the trend.

Momentum indicators continue to support the bullish view. The MACD has just completed a bullish crossover while the histogram continues to print extended green bars, suggesting that the upward momentum remains intact despite the temporary consolidation below resistance.

Meanwhile, a broad recovery framework remains in place as long as BNB holds above the key $650 support area. A successful break above the neckline resistance would strengthen the momentum towards the $700 psychological level, followed by the $750–780 region.

However, a failure to hold above the current support levels could weaken the bullish setup and trigger a pullback to the $627 and $600 support areas, where buyers have aggressively re-entered.