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Cryptocurrency News Articles
Binance (BNB) Coin Signals Return of Bullish Sentiment Despite Regulatory Hurdles
Sep 27, 2024 at 03:41 pm
Less than four days to the end of the dreaded September, Binance Coin (BNB) $606.9 24h volatility: 1.9% Market cap: $88.55 B Vol. 24h: $1.22 B has signaled the return of the bullish sentiment.
Despite the regulatory hurdles, Binance (BNB) coin remains the fourth largest crypto project with a market cap of over $88 billion.
Key Notes
With less than four days to go until the end of September, Binance Coin BNB $606.9 24h volatility: 1.9% Market cap: $88.55 B Vol. 24h: $1.22 B is signaling a return of the bullish sentiment. The large-cap altcoin, with a market capitalization of about $88 billion and a daily average traded volume of about $1.2 billion, gained around 2 percent in the past 24 hours to reach a range high of about $608.
If BNB price closes the month trading above $600, the fourth quarter will be set for further bullish sentiment.
Moreover, BNB’s price established a robust support range between $460 and $491 in the past two months. From a technical perspective, BNB price formed an inverted head and shoulder (H&S) pattern coupled with a bullish divergence in the daily Relative Strength Index (RSI).
With the weekly RSI having rebounded from the 50 percent level, BNB price is well positioned to reach a new all-time high in the near term.
The altcoin is aiming for $921 next, which coincides with the weekly 1.618 Fibonacci Retracement.
Binance Ecosystem Gets a Major Boost as CZ’s Early Release Approaches
Binance and the entire crypto community have been eagerly awaiting the release of former CEO and co-founder Changpeng Zhao, also known as CZ, from U.S. custody. According to a report by Forbes, CZ may be released as early as today, two days ahead of the official date. Notably, the official release date for CZ was set for September 29, 2024, which fell on a weekend.
The news of CZ’s imminent release has generated a lot of excitement among meme coin holders and the entire BNB ecosystem. In fact, the Binance ecosystem has already seen significant growth in the meme coin sector, with one particular project, 4 (FOUR), dedicated to CZ, spiking over 22 percent in the past two weeks.
While CZ’s release will primarily serve as a positive symbolic gesture, the Binance ecosystem has flourished under the leadership of CEO Richard Teng. According to the official website, Binance Exchange has registered more than 231 million global users, maintaining its leadership position.
According to the latest market data, the BNB network has continued to grow substantially, with a total value locked (TVL) of about $4.82 billion and a stablecoin valuation of around $5 billion.
As previously reported by Coinspeaker, Binance has secured over 19 regulatory approvals in various jurisdictions, including the UAE and El Salvador.
Market Picture
The BNB price breakout follows the footsteps of Bitcoin (BTC), which rallied above $65K earlier today. The crypto market has been following the bullish breakout of major precious metals, such as gold and silver, in response to the notable global economic shift.
The recent interest rate cuts in China, the United States, Canada, and the European Union have sparked bullish sentiment for the crypto industry ahead of the fourth quarter.
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