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Cryptocurrency News Articles
Binance Coin (BNB) Poised to Reach New All-Time High as Changpeng Zhao (CZ) Returns to Leadership
Sep 28, 2024 at 01:44 am
Binance Coin (BNB) has experienced significant bullish momentum since the release of Binance founder Changpeng Zhao (CZ) on September 27, driven by the positive sentiment surrounding his early release.
Binance Coin (BNB) has shown strong bullish momentum since Binance founder Changpeng Zhao (CZ) was released on September 27, fueled by the positive sentiment surrounding his early release.
CZ was serving a four-month sentence for allowing criminals to launder funds through the Binance platform. His release, which comes earlier than the anticipated September 29 date, has brought further optimism to the market, adding to BNB’s already bullish momentum that has been building since early August.
BNB’s Price Action: Poised to Break Key Resistance
The price of BNB has been rising since August 5, rebounding from a low of $468.5. It recovered the $495 support level and formed a higher low, marking a key turning point for the coin. On September 13, BNB reached $616, briefly breaking the crucial $605 resistance before being pushed back.
Despite the temporary pullback, BNB’s recent price action seems promising. It has reversed its downtrend of lower highs and set a higher high, suggesting a potential breakout above the $605 resistance. If it breaks out, BNB could be on track to reach a new all-time high.
Technical Indicators Suggest Prolonged Bullish Trend
Technical indicators point to a continuing positive trend for BNB. The RSI is above 50, a key indicator of bullish momentum, and the MACD is also above zero, indicating strength in the current trend. Notably, both indicators show no signs of negative divergence, which adds to the bullish picture.
Long-Term Wave Count Analysis Indicates Potential for All-Time High
The long-term wave count analysis presents an even more optimistic outlook. BNB appears to be in the fifth and final wave of its uptrend, which began in June 2022. If this wave count is valid, BNB is set for a major breakout above the $605 resistance. Based on the length comparison between wave five and wave three, along with the 1.61 external Fibonacci retracement, analysts estimate a target price of $920.
Recent price movements also align with this wave count, as the bottom of wave four validated both the 0.618 Fibonacci retracement level and an ascending parallel channel, both indicating a continuation of the bullish trend.
Outlook for October: Gearing Up for a New All-Time High
With BNB now sitting close to $600 and only one major resistance level left before its previous high of $698.9, the strong price action and the positive news of CZ’s release could propel it to reach new record levels. Analysts believe that if it breaks out successfully, BNB could be headed toward $920 in the coming weeks, potentially setting a new all-time high in October.
The market will be keeping a close eye on how BNB reacts to the $605 resistance in the short term. If it breaks through, it could see substantial gains, especially with the positive sentiment around Binance as CZ resumes leadership.
Also Read: Binance to Airdrop $1.5M in BNB to European Flood Victims
Disclaimer:info@kdj.com
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