TLDR:
- BNB price approaching all-time high of $698.9
- Changpeng Zhao (CZ) set for early release from prison
- BNB showing bullish technical indicators and price action
- Potential for BNB to reach $920 in long-term wave count
- Increased buying activity and liquidation levels suggest upward momentum
Binance Coin (BNB) makes a strong push towards its all-time high. With Binance founder Changpeng Zhao (CZ) set for an early release from prison, the BNB token is showing signs of a potential breakout that could see it reach new heights.
BNB has been on an upward trajectory since August 5, with its price currently hovering around $595. The token has made several attempts to break through the $605 resistance level, signaling strong bullish sentiment among investors.
Technical indicators are painting a positive picture, with the Relative Strength Index (RSI) above 50 and the Moving Average Convergence Divergence (MACD) in positive territory.
One of the most significant developments driving BNB’s momentum is the imminent release of Changpeng Zhao from prison. CZ, who had been serving a four-month sentence for compliance failures at Binance, is expected to be released as early as September 27.
According to Forbes, CZ may be released two days earlier than the official release date this Friday, because if the release date falls on the weekend, prisoners will leave the prison early. A Binance spokesperson said that we are happy that Zhao Changpeng will go home to reunite…
— Wu Blockchain (@WuBlockchain) September 27, 2024
This news has injected optimism into the BNB ecosystem, with many investors anticipating a positive impact on the token’s value.
From a technical analysis perspective, BNB’s price action is showing promising signs. The token has broken its pattern of lower highs, creating a higher high that suggests an eventual breakout is more likely. If BNB successfully breaks above the $605 resistance area, there could be a clear path to its previous all-time high of $698.9, reached in June.
Long-term projections are even more bullish. Wave count analysis indicates that BNB may have begun its fifth and final wave of increase since June 2022. This could potentially push the token’s price to around $920, based on Fibonacci retracement levels and historical price movements.
The broader Binance ecosystem continues to show strength, with over 231 million globally registered users and a Total Value Locked (TVL) of more than $4.82 billion. Major DeFi protocols like Venus and PancakeSwap are contributing to BNB’s growing importance in the cryptocurrency landscape.
In the futures market, BNB is attracting significant interest, with Open Interest standing at $620 million. This figure, while slightly down from a three-month high of $677 million on September 24, still indicates strong speculative activity around the token.
Liquidation data reveals a concentration of levels between $600 and $630, suggesting that a move above this range could trigger a short squeeze. This potential forced buying could further accelerate BNB’s price movement if it breaks through these key levels.
As the crypto community awaits CZ’s release and watches BNB’s price action, many are wondering if this could be the catalyst that propels the token to new all-time highs.
With strong fundamentals, positive technical indicators, and increasing mainstream adoption, BNB appears well-positioned for potential growth in the coming weeks and months….
