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Binance Coin (BNB)

Will BNB Price Reclaim $600 as Changpeng Zhao’s Release Date Approaches?

Published

2 months ago

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With a recent surge over the weekends, BNB price teases a double-bottom reversal within a broadening wedge. Adding fuel to the recovery, the PFAK license approval in Indonesia boosts the uptrend amid the looming Changpeng Zhao’s Release Date. Will this recovery sustain bullish momentum to hit $600? 

BNB Price Rebounds with Tokocrypto’s Regulatory Win and CZ’s Imminent Release

According to the Bureau of Prisons database, former Binance CEO Changpeng Zhao (CZ) is scheduled for release on September 29, 2024, from Long Beach RRM, a federal facility in San Pedro, California. CZ’s imminent release is expected to boost bullish sentiment surrounding the BNB price.

Bureau of Prisons

Tokocrypto, a sister subsidiary of the Binance group, has successfully secured the Physical Crypto Asset Trader (PFAK) license in Indonesia. As the subsidiary acquired the license from the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), a regulatory approval allows Tokocrypto to operate as a licensed physical crypto-asset trader. This marks a significant step in Indonesia’s commitment to regulatory compliance and investor protection.

With the PFAK license, Tokocrypto will continue to work on its long-term expansion plans and highlight its efforts to foster trust and transparency within Indonesia’s Web3 circle. 

Over the years, Tokocrypto has seen remarkable growth in 2024, with its user base surpassing 4.5 million. Additionally, the platform’s average monthly trading volume has increased by 138%, demonstrating rising investor confidence and consistent expansion.

Binance coin Price Eyes $720 Breakout amid Wedge Pattern Formation

The BNB shows a broadening wedge pattern in the daily chart pattern. The chart setup is characterized by two diverging trendlines, typically indicating an uncertain market sentiment.

Currently, the Binance coin price within the broadening wedge pattern is taking support at the $468 support. The dynamic support and $468 horizontal level bolster the formation of a bullish reversal pattern called a double bottom.

As BNB price attempts a bullish reversal, the MACD indicator shows the MACD and signal line on the verge of a bullish crossover. However, the 50-day and 200-day EMA is on the verge of a bearish crossover due to the previous bearish influence over the BNB price action.

Furthermore,  a 4-day recovery run since the weekend has uplifted the BNB price by 7.8% to trade at $505. The upside potential increases as the Binance coin asserts dominance over the $500 psychological mark. Amid double bottom formation, the buyers could attempt a $600 neckline breakout, followed by an extended $721.

BNB PriceBNB Price
BNB/USDT -1d Chart

Alternatively, a bearish reversal from the 200 days can result in a drop to $450, registering a 13% potential loss.

Frequently Asked Questions (FAQs)

The PFAK license allows Tokocrypto to operate as a licensed crypto-asset trader in Indonesia, demonstrating the country’s commitment to regulatory compliance

CZ’s imminent release is expected to boost bullish sentiment, potentially contributing to further BNB price recovery

BNB is showing a broadening wedge pattern with a potential double-bottom reversal, hinting at an attempt to break out toward $600 or beyond.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance Coin (BNB)

Will Binance Founder ‘CZ’s Post-Release Plans Fuel a BNB Price Rally to $700?

Published

1 month ago

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September 29, 2024

By


BNB price dropped 0.75% during a low-volatility Sunday, currently trading at $597. Like many major altcoins, this bearish pullback likely signals a brief cooling period for buyers to regain bullish momentum. Following the recent release of Changpeng Zhao ‘CZ’, Binance coin’s ability to hold above key support levels suggests the potential for an extended rally.

Will Binance Founder CZ’s Future Plans Drive BNB Price to a $700 Rally?

According to the U.S. Bureau of Prisons (BOP), the Binance founder Changpeng Zhao ‘CZ’ was released from a correctional facility in California on Friday. In April, Zhao was imprisoned for four months for violating the Bank Secrecy Act (BSA) due to Binance’s failure to implement an adequate know-your-customer (KYC) program.

The release announcement triggered an intraday gain of 1.5% in BNB price and retested the $614 level. Earlier today, CZ shared his first public statement, shedding light on his future endeavors. 

While his initial comment asked for relaxation time, he later mentioned that the online education platform Giggle Academy is making steady progress.

Zhao stated he “Will continue to invest in blockchain/decentralized technologies, AI, and biotech. I am a long term investor who care about impact, not returns.

He emphasized his growing interest in philanthropy and will continue his book.

Although Changpeng Zhao’s statements don’t directly affect the BNB price, he noted that Binance is thriving without his active involvement, which could boost investor sentiment.

BNB Eyes $800 Amid Inverted Head and Shoulders Breakout

In the last three weeks, the Binance coin price showcased an aggressive recovery from $482 to $618 high— a 28% increase. The bullish upswing revealed the formation of an inverted head and shoulder pattern and a decisive breakout from its neckline on September 23rd.

Since then, the altcoin has traded sideways, trying to stabilize above the breached resistance. With sustained buying, the post-breakout rally could drive the asset 34% up to challenge the $800 peak.

The Bollinger band indicator challenged on the upside indicates that buyers remain the dominant force to drive a prolonged rally.

BNB Price, CZBNB Price, CZ
BNB/USDT -1d Chart

However, despite the CZ release, the BNB price struggle to offer a suitable follow-up to the breakout signals the risk of a bull-trap. A possible breakdown below the neckline at $595 could drive a correction to $528.

Frequently Asked Questions (FAQs)

While CZ’s post-release plans, including investments in blockchain, AI, and biotech, don’t directly impact BNB’s price, his continued influence could boost investor confidence

The inverted head and shoulders pattern is forming on BNB’s charts, suggesting a potential 35% rally that could push the price toward the $700 level if the breakout holds.

Despite the bullish momentum, long-wick rejection candles and the struggle to hold above $600 indicate a possible bull trap

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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